Many U.S. taxpayers and businesses have been following the implementation of the Corporate Transparency Act, which imposes reporting obligations on the beneficial owners and others of U.S. entities.
Treasury recently announced that it will not enforce penalties or fines against U.S. citizens or domestic reporting entities. It also announced it will be issuing proposed rules that narrow the scope of the CTA to foreign reporting companies only.
This is a welcome change that will remove a significant regulatory compliance burden from domestic entities.
Read the full Treasury announcement here: Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act Against U.S. Citizens and Domestic Reporting Companies | U.S. Department of the Treasury
If you have questions about reporting requirements for foreign or domestic entities going forward, the attorneys at FMH can help.