The U.S. Department of the Treasury on Sunday said it won’t enforce the penalties or fines associated with the “beneficial ownership information,” or BOI, reporting requirements. Previously, the Treasury set a March 21 deadline for businesses to comply or risk fines of up to $10,000. The Treasury will also propose regulation to apply the BOI rule only to foreign companies. The US Treasury building in Washington, DC, US, on Monday, Jan. 27, 2025. Stefani Reynolds | Bloomberg | Getty Images
The U.S. Department of the Treasury on Sunday announced it won’t enforce the penalties or fines associated with the “beneficial ownership information,” or BOI, reporting requirements for millions of domestic businesses.
Enacted via the Corporate Transparency Act in 2021 to fight illicit finance and shell company formation, BOI reporting requires small businesses to identify who directly