a
M

CTA Update (March 2, 2025): Treasury Department Posts on X that CTA Filing Requirements No Longer Apply to U.S. Businesses

Business Insights

CTA Update (March 2, 2025): Treasury Department Posts on X that CTA Filing Requirements No Longer Apply to U.S. Businesses

Mar 5, 2025 | Business Insights

Many of us were looking for some additional clarity regarding the Corporate Transparency Act (CTA) in the wake of FinCEN’s February 28, 2025, Notice. We may have finally received that when the Treasury Department’s announced in posts on X on March 2, 2025, that it will not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadline. The Treasury Department further clarified on Saturday that the scope of the agency’s soon-to-be-issued notice of proposed rulemaking will restrict BOIR filing requirements under the CTA to foreign reporting companies only. All of this comes as welcome relief to the millions of U.S. businesses that have not yet filed a BOIR but had previously been required to do so under the CTA.

We will continue to monitor this issue closely and provide you with updates regarding the status of the CTA and its reporting requirements. If you have questions about the CTA’s requirements or just want to ensure your business is on the right track, please feel free to reach out to Timothy Hughes, at (703) 526-5582 or thughes@beankinney.com, or Doug Taylor, at rdougtaylor@beankinney.com or (703) 525-4000. Our firm practices in Virginia, Maryland, and the District of Columbia in addition to various other jurisdictions and can help you through this process.

This article is for informational purposes only and does not contain or convey legal advice. Consult a lawyer. Any views or opinions expressed herein are those of the authors and are not necessarily the views of any client.

LinkedIn

Follow us on LinkedIn to view the latest blogs from our team.

Follow

About – Business Insights

Our business blog focuses on issues affecting Virginia, D.C. and Maryland business owners as well as those in other jurisdictions throughout the country. We provide timely insight and commentary on federal and state rules and how they affect you. If you are interested in having us cover a specific topic, please let us know.

About – Employment Law

As employment law constantly changes, the attorneys at Bean, Kinney & Korman stay up to date on the law as it develops. Our blog topics focus on those changes and what you need to know about them, ranging from severance agreements and the FLSA to social media in the workplace and recent court decisions. If you are interested in having us cover a specific topic, please let us know.

About- Real Estate

This blog focuses on real estate, land use and construction-related topics affecting Virginia and the Washington, D.C. metro area. With topics ranging from contract drafting and negotiation to local and regional land use project updates, the attorneys at Bean, Kinney & Korman provide timely insight and commentary on the issues affecting owners, builders, developers, contractors, subcontractors and other players in the industry. If you are interested in having us cover a specific topic, please let us know.