U.S. Treasury Suspends Enforcement of Corporate Transparency Act

On March 2, 2025, the U.S. Department of the Treasury announced that it will “no longer enforce any penalties or fines associated with” the Corporate Transparency Act’s beneficial ownership information reporting rules against domestic companies and individuals. This non-enforcement applies to both existing regulatory deadlines and the amended future deadline of March 21, 2025, or later. In its announcement, the Treasury also indicated that it “will further issue a proposed rulemaking to narrow the scope of the rule to foreign reporting companies only.”

At this time, official regulations have not been promulgated by the Treasury. In a March 2, 2025, “Truth Social” post, President Trump described a forthcoming “Emergency Regulation to formally suspend this rule for American businesses.” While this action is likely to face legal challenges regarding the President’s emergency powers to suspend congressionally authorized statutes, there is no indication that the Treasury will seek to enforce the Corporate Transparency Act against domestic companies in the near future.