The US Department of the Treasury announced on March 2, 2025 that it will no longer enforce penalties or fines related to the Corporate Transparency Act (CTA) for US citizens, domestic reporting companies, or their beneficial owners. Additionally, the Treasury plans to issue a new proposed rule that will limit the CTA’s scope to foreign reporting companies only.

This means that domestic businesses and individuals are no longer required to file under the CTA, and any outstanding filings will no longer need to be completed.

With this update, Boodell & Domanskis, LLC will no longer be handling BOI filings, as they are no longer required for U.S. citizens or domestic companies.

We understand that the frequent changes to this law may have caused confusion, and we appreciate your patience as we navigated these ongoing regulatory updates. Our firm remains committed to keeping our clients informed, and we will reach out again if any further changes occur.

For more information, visit the Treasury’s website: https://home.treasury.gov/news/press-releases/sb0038.

You can contact your B&D attorney with any questions you may have about this or any legal issue.