Corporate Transparency Act - Fines suspended again

Less than two weeks after issuing new deadlines, the Treasury Department has announced it will "not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners..." related to the Corporate Transparency Act. Full Press Release

This may mark the end of a long, often changing journey--at least domestically. The Corporate Transparency Act passed in 2021, with an aim to combat "money laundering, the financing of terrorism, proliferation financing, serious tax fraud, human and drug trafficking, counterfeiting, piracy, securities fraud, financial fraud, and acts of foreign corruption;" with deadlines beginning January 1, 2025. For more of the history of the law being upheld, stayed, reinstated, and now selectively unenforced, read our previous blog posts over the last few months here, here, and here.