Client Alerts & Insights
Treasury Department Ends Domestic Enforcement of BOI Reporting Requirements Under the CTA
March 5, 2025
In our most recent alert on the Corporate Transparency Act’s (CTA) ever-changing beneficial ownership information (BOI) reporting requirements, we reported that while FinCEN set a new mandatory reporting requirement deadline of March 21, 2025 for most businesses, the agency would not issue fines or penalties against any company for failure to file or update BOI reports by that deadline, until a forthcoming interim final rule became effective.
On March 2, 2025, however, the Treasury Department announced that it will no longer enforce BOI reporting requirements on U.S. citizens or domestic companies. The forthcoming rule change will narrow the reporting requirements’ applicability to foreign reporting companies only.
Companies should continue working with knowledgeable counsel to comply with BOI reporting requirements. If you have questions regarding the CTA or the impact of the multiple ongoing cases, the White Collar and Corporate & Securities Practice Groups at Benesch are here to help.
Marisa T. Darden at mdarden@beneschlaw.com or 216.363.4440.
Robert J. Kolansky at rkolansky@beneschlaw.com or 216.363.4575.
Jennifer L. Stapleton at jstapleton@beneschlaw.com or 216.363.4428.
Connie A. Porter at cporter@beneschlaw.com or 216.363.4433.
Latest News
Owner-Operators and Federal Leasing Regulation Compliance: Legal Q&A
Key Takeaways: The longstanding practice of many motor carriers operating through independent contractor owner-operators remains today despite the many legal …
Group Defamation Claims and the Evolving Limits of the Group Libel Doctrine
Courts are increasingly willing to look beyond the traditional small-group requirement when assessing whether an allegedly defamatory statement is “of and concerning” a particular plaintiff. Recent decisions suggest that audience perception and real-world impact may matter as much as group size.
HRSA’s Revised 340B Rebate Pilot Drama
The Health Resources and Services Administration’s revised 340B Rebate Model Pilot would replace up-front discounts with post-purchase rebates for 21 drugs beginning January 1, 2027, requiring covered entities to pay full wholesale acquisition cost and submit claims data to recover the 340B discount.
Restrictions on Foreign Interests in the Transportation and Logistics Sector: A Look Ahead
The transportation and logistics industry is not immune from rising concerns about foreign investment. Since the start of this Administration, the U.S. Department of Transportation has steadily turned focus to perceived threats against both public safety and purely domestic operators by non-U.S. interests in the sector.