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Home | BakerHostetler

FinCEN Removes US Entities and Citizens from CTA Reporting Rule

Antitrust Advocate

Gail Slater Confirmed as Antitrust Head, Signaling Administration’s Commitment to Antitrust Enforcement

John Lehrer Presents at ARDA Finance and Accounting Committee Meeting

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The Weekly Hill Update

However, on March 2, 2025, the U.S. Department of the Treasury announced that it will not be enforcing the CTA against any U.S. entities or citizens, and that it is planning to initiate a rulemaking process to limit the scope of the beneficial ownership reporting rule to only foreign reporting companies. As a result of these updates, U.S. entities will effectively have no reporting obligations under the CTA unless and until (i) the final revised rules are not as expansive as described in the Treasury’s press release or (ii) the U.S. government announces a change to its enforcement policy.

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Foreign reporting companies—and any other entities that are captured by the revised rules—will remain subject to the CTA. Scrutinizing the 23 types of exemptions to determine if an entity is exempt from filing a BOIR, compiling details about beneficial owners and applicants for every entity in a nonexempt business’ corporate group, filing an amendment any time there’s a relatively minor change in corporate officers – the legwork required to comply with the CTA is considerable.

So is the penalty for not doing so properly. The CTA provides for both civil and criminal penalties (including substantial monetary fines and up to two years’ imprisonment) for willfully providing false information or failing to report complete or updated information.

BakerHostetler has the experience and insights necessary to track the status of the CTA compliance requirements and, if necessary, alleviate the filing burden.

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We’re ready for companies’ questions. Our attorneys have closely followed the CTA since it was enacted by Congress in January 2021 and have kept track of every new development. We possess in-depth knowledge of the subject matter and its nuances and are familiar with the CTA’s potential pitfalls.

Provide insights on CTA exemptions to help clients determine their reporting status.

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Aid clients in complying with the CTA’s rules and regulations.

Assist clients with preparation of filings and determination of beneficial owners and applicants.

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<em>If you have any questions regarding the CTA and how it might impact your business, please contact Sam Toth or Pete Van Euwen</em>.

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CTA Still on Hold, Despite Supreme Court Decision

Corporate Transparency Act Declared Unconstitutional: How Does This Impact Your Company?

Corporate Transparency Act: An Overview

New York State Is on the Brink of Creating the Nation’s First Public Database of LLC Owners, Aimed at Curbing Crime by Lifting the Veil of LLC Anonymity

Complying with the Corporate Transparency Act

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