By Tim Spiel and Megan Ramsey

Well, that was quick! If you’ve read our recent post on beneficial reporting requirements under the Corporate Transparency Act, you might want to update your notes because the rules have changed—again. On February 27, FinCEN announced that it will not enforce penalties or fines related to the beneficial ownership reporting under the current deadlines and that it will issue new interim final rules that will extend the deadlines and solicit public comment about potentially change the scope of the rules. See the announcement at this LINK. On March 2, the U.S. Department of the Treasury further announced in a press release available at this LINK, that it will not enforce penalties or fines, nor will it impose penalties after the forthcoming rule changes take effect. The Treasury is proposing to narrow the CTA’s application to foreign reporting companies only. The change is meant to ease the burden on U.S. businesses and taxpayers while ensuring the rule is better aligned with public interests. While these changes provide some relief, it’s still important to stay informed. If you’re experiencing some compliance whiplash, don’t worry, we’re here to keep you on track.