U.S. citizens, domestic entities, and their beneficial owners need not worry about penalties and fines under the Corporate Transparency Act (CTA), said the Treasury Department, which intends to narrow the reporting requirements to foreign entities.
The March 2 announcement came on the heels of a notice last week from Treasury’s Financial Crimes Enforcement Network (FinCEN) that it would be revising beneficial ownership information reporting deadlines via an interim final rule. FinCEN had said that it would not take any action to enforce the previously set March 21 reporting deadline.
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