Trump Administration Suspends Beneficial Ownership Penalties, Fines and Deadlines
Trump Administration Suspends Beneficial Ownership Penalties, Fines and Deadlines
BREAKING NEWS from The Energy Marketers of America |
March 4, 2025 |
Trump Administration Suspends Beneficial Ownership Penalties, Fines and Deadlines
Tuesday, March 4, 2025 – While the nationwide injunction prohibiting the enforcement of the Corporate Transparency Act (CTA) has been lifted, the U.S. Department of Treasury announced March 2 that “with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either.”
This development comes after FinCEN extended the reporting deadline to March 21, 2025, citing Treasury’s concerns over regulatory burdens on businesses. The agency now plans to publish a proposed rule that will narrow the scope of the BOI reporting rule to foreign reporting companies only. Meanwhile, Congress is considering legislation to delay the reporting deadlines by a year. The House recently unanimously passed legislation, H.R. 736, which would postpone the CTA reporting requirements until January 1, 2026. In the Senate, a group of Republicans led by Senator Tim Scott (R-SC), introduced a companion bill (S. 505).
EMA is actively monitoring developments inside the Beltway and at the agencies to ensure that small businesses, including energy marketers, benefit from burden reduction mechanisms. EMA will keep you updated on any official actions. Again, as of now, members do not need to meet the March 21 BOI reporting deadline. By March 21, FinCEN will announce a new BOI reporting deadline.