CTA BOI Filings Reverts Back to Voluntary Status
DOSS LAW ALERT
Corporate Transparency Act Update
Beneficial Ownership Filings Revert to Voluntary
In a significant policy shift, the U.S. Department of the Treasury has announced that compliance with the Corporate Transparency Act (CTA) ‘s Beneficial Ownership Information (BOI) reporting requirements has reverted to a voluntary status.
What’s Happening?
On March 2, 2025, the Treasury Department declared that it would suspend enforcement of the BOI reporting rule against U.S. citizens and domestic reporting companies. This decision means that effective immediately, businesses are not obligated to submit BOI reports under the CTA, and no penalties or fines will be imposed for non-compliance.
The Treasury also indicated plans to issue a proposed rulemaking that will narrow the scope of the BOI reporting requirements to foreign reporting companies only.
What This Means for Businesses
For now, companies are not required to submit BOI reports under the CTA. This suspension provides temporary relief for businesses concerned about compliance obligations. However, staying informed is essential, as future regulatory changes could reinstate mandatory filing requirements.
We are closely monitoring these developments and will provide timely updates as the situation evolves. In light of this change, we will pause all related work on CTA compliance until further notice. If the filing requirements are reinstated, we will promptly notify all relevant parties.
Next Steps & How to Stay Updated
While the voluntary status offers temporary relief, we strongly recommend:
- Maintaining Updated Records: Keep ownership records current to ensure readiness if filings become mandatory again.
- Staying Informed: Be sure to sign up for Doss Alerts and monitor official communications from the Treasury Department and other regulatory bodies for updates.
We will continue to track this situation and share updates as they become available. If you have any questions or need further guidance, feel free to reach out:
📧 Jackellyn Davis, Head of Licensing and Regulatory Compliance
📍 Jackellyn@DossLaw.com
🔗 Read FinCEN’s Full Notice Here: FinCEN BOI Deadline Extension
