??Another Day, Another CTA & BOI Reporting Update ?? ??On March 2, the Treasury Department announced that not only will it not enforce any penalties or fines associated with the beneficial ownership information (BOI) reporting rule under the existing regulatory deadlines (recently announced), 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. The Treasury Department has said it will be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. ??This rule may be subject to legal challenge, as the narrowing proposed by the Treasury Department is inconsistent with the text of the law; however, it is not clear who would challenge, and Congress is contemplating changes to the law anyway. Stay tuned for what we’re sure will be further updates. #PZLaw #ParksZeigler
