Treasury Department Announces That Corporate Transparency Act Will Not Be Applied to U.S. Citizens and U.S. Companies

On March 2, 2025, the U.S. Department of the Treasury issued a press release announcing that it will not enforce existing filing deadlines or any fines or penalties under the Corporate Transparency Act against U.S. citizens, domestic reporting companies or their beneficial owners. This announcement eliminates the March 21, 2025, filing deadline announced February 27, 2025 by FinCEN, a bureau of the Treasury Department.

Yesterday’s press release stated that the Treasury Department will be issuing a proposed rulemaking that will narrow the scope of the rule to foreign (i.e., non-U.S.) reporting companies only.

Please contact your Burke Warren attorney or a member of our CTA Compliance Team listed on the right side of this alert for more information.