Treasury Pauses CTA Enforcement!
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced yesterday that it is ceasing enforcement of the Corporate Transparency Act (CTA) while it crafts a new set of regulations that will ultimately narrow the scope of the reporting regime. It’s a huge win for Main Street, particularly as the CTA’s reporting requirements were scheduled to take effect once again beginning March 21st.
Here’s the key passage from FinCEN’s release:
FinCEN announced that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) …
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