The Treasury Department has announced that it will no longer enforce the Corporate Transparency Act or its beneficial ownership information (BOI) reporting requirements. That means you won’t face penalties or fines for not filing under the current deadlines, or after the upcoming rule changes.
Instead, the Treasury plans to revise the rule so that it applies only to foreign reporting companies.
The Corporate Transparency Act, signed in 2021, was designed to prevent financial crimes by requiring ownership details to be reported to FinCEN. Originally, you would have needed to file by January 1, 2025, but legal challenges have delayed enforcement.
Reactions to this decision have been mixed. Many small business advocates see it as a win, calling the reporting rules an unnecessary burden. Others argue that rolling back these regulations could weaken efforts to prevent fraud, money laundering, and other financial crimes.
For the time being, you no longer need to worry about BOI reporting—but the conversation isn’t over. Lawmakers, advocacy groups, and financial experts will continue debating the future of these requirements.
