Corporate Transparency Act Update: FinCEN Suspends Enforcement
By Charles Alovisetti, Bridgette Nikisher
Mar 5, 2025
The Treasury Department recently suspended enforcement of the Corporate Transparency Act’s Beneficial Ownership Information reporting requirements meaning that businesses failing to submit or update their BOI reports by the March 21 deadline will not face fines, penalties, or enforcement actions. In this Insights post, we discuss the latest developments surrounding CTA enforcement, the Treasury’s plans to limit its scope, anticipated regulatory changes from FinCEN, and ongoing legislative and legal challenges that could reshape compliance obligations.