Treasury Department Suspends Enforcement of Corporate Transparency Act for U.S. Entities

Domestic entities that have already submitted reports are no longer required to update their filings, and new filers will not be subject to enforcement actions for non-compliance.

by National Coin and Bullion Association | Published on March 6, 2025

The U.S. Department of the Treasury has announced that it will no longer enforce penalties or fines related to the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA) for U.S. citizens and domestic reporting companies. The department also confirmed plans to propose a rule limiting the application of the CTA to foreign reporting companies only.

“This decision reflects our commitment to supporting American businesses by ensuring that regulations are appropriately tailored to serve the public interest,” said Scott Bessent, U.S. Secretary of the Treasury. “We remain dedicated to advancing transparency while minimizing unnecessary burdens on small businesses.”

The move follows a ruling from the U.S. District Court for the Eastern District of Texas in Smith v. United States Department of the Treasury, which lifted the latest nationwide preliminary injunction on CTA enforcement. While legal challenges to the CTA continue in appellate courts, the Treasury’s decision effectively suspends enforcement obligations for domestic entities until further notice.

The CTA, originally passed in 2021, was intended to combat money laundering, terrorist financing, and illicit financial activity by requiring certain entities to disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). With today’s announcement, domestic entities that have already submitted reports are no longer required to update their filings, and new filers will not be subject to enforcement actions for non-compliance.

The Treasury Department will issue a formal notice of proposed rulemaking in the coming weeks outlining the revised scope of the CTA. Congress is also considering legislative amendments to further refine the law’s application.

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Source: National Coin and Bullion Association

National Coin and Bullion Association image The National Coin & Bullion Association (NCBA) is a 501(c)(6) tax-exempt trade association recognized as a leading authority in the coin and bullion communities. Committed to providing educational resources and advocacy for its members, NCBA plays a vital role in shaping the industry landscape.

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