The Treasury Department announced March 2 that it will not enforce any penalties or fines associated with the beneficial ownership information (BOI) reporting rule under the Corporate Transparency Act (CTA).
The department plans to issue a proposed rulemaking by the end of March to narrow the scope of the rule to foreign reporting companies only. The Financial Crimes Enforcement Network plans to solicit public comment on potential revisions to existing BOI reporting requirements, which will be used to develop a rulemaking to be issued later this year. CTA reporting requirements have been in back-and-forth litigation and suspension over the past several months.
“For over a year, cattle producers have been extremely concerned with the ever-changing direction of the Corporate Transparency Act and the steep punishment associated with non-compliance,” said National Cattlemen’s Beef Association Executive Director of Government Affairs Kent Bacus.
