The Roller Coaster Ride of the Corporate Transparency Act: Treasury Hits the Brakes on Enforcement

Related Practices: Business and Estate Planning & Administration

After a whirlwind of twists, turns, and legal uncertainty, the U.S. Department of the Treasury ("Treasury") has halted enforcement of the Corporate Transparency Act (CTA), bringing relief to small businesses navigating the complex requirements of beneficial ownership information (BOI) reporting. Instead, Treasury is shifting its focus to anticipated rules that will apply only to foreign reporting companies.

"Treasury takes this step in the interest of supporting hard-working American taxpayers and small businesses and ensuring that the rule is appropriately tailored to advance the public interest," the department noted in a press release, posted on Sunday, March 2, 2025.

The Stokes Lawrence team will continue to monitor this closely and will share updates as they develop. If you have any questions about how this development may impact you and your business, please contact a member of the Stokes Lawrence team.