On Monday, March 3rd, the U.S. Department of the Treasury’s announced the suspension of penalties and fines under the Corporate Transparency Act (CTA) for failing to file or update business beneficial ownership information with the federal government. The Treasury Department confirmed that it will not enforce penalties or fines for non-filing beneficial ownership information reporting by the current deadline of March 21, 2025, and, in a significant new development, will not enforce non-filing penalties against U.S. Citizens or domestic businesses even after the rule changes take effect. According to the Treasury Department, after March 21st when updated rules take effect, only foreign owned businesses will be subject to penalties for not reporting beneficial ownership information. As a result, we are suspending the filing of BOI reports except for businesses that are owned by non US Citizens.