Last week, the U.S. Department of the Treasury (UST) Financial Crimes Enforcement Network announced the suspension of the March 21 Corporate Transparency Act (CTA) beneficial owner reporting deadline.
In addition, UST announced it will not “enforce any penalties or fines associated with the beneficial ownership information reporting rule” under the CTA for any domestic companies or U.S. citizens. The agency stated it is preparing a proposed rulemaking to narrow the scope of the rule to foreign reporting companies only.
“Due to the numerous extensions of the filing deadline, the past few months have been a roller coaster ride for farmers and ranchers who were originally included in the filing requirement,” said R-CALF USA CEO Bill Bullard. “We’re pleased the Treasury Department has made clear that there is no present deadline, and that the filing requirement will be narrowed, hopefully in a way that excludes our domestic producers.”
Article provided by R-CALF USA.
