Today, the U.S. Treasury Department announced the suspension of enforcement for Beneficial Ownership Interest (BOI) against U.S. Citizens and domestic reporting companies.
The Treasury Department has confirmed that it will not impose penalties on U.S. citizens or domestic reporting companies for failing to comply with BOI reporting requirements, whether under current regulatory deadlines or future rule changes. Furthermore, the agency intends to propose a rule that will limit the regulations’ scope to apply solely to foreign reporting companies. This is in line with the Financial Crimes Enforcement Network (FinCen) other tools for foreign assets and foreign bank balances (FBAR).
Hopefully, this is the end to this BOI requirement as it seems to be a final government decision, but considering the numerous times that it has been halted and resumed, there might be future developments. We will keep you updated on any changes.
Link Treasury – Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act Against U.S. Citizens and Domestic Reporting Companies
Link Journal of Accountancy – Treasury says it won’t enforce BOI fines or penalties against U.S. citizens, businesses
