The US Treasury Department has announced it will not enforce penalties or fines against US citizens, domestic reporting companies, or their beneficial owners under the Corporate Transparency Act. The agency plans to narrow the scope of a rule that requires foreign reporting companies to report beneficial ownership information.
In a statement, the department said it would wait on enforcing the law until further notice. This decision comes after FinCEN, the Treasury’s Financial Crimes Enforcement Network, stated in February that it would not issue fines to companies that missed an initial deadline for compliance by March 21.
Source: https://news.bloombergtax.com/daily-tax-report/treasury-ends-beneficial-ownership-reporting-for-some-us-firms