Treasury Department Announces It Will Not Enforce CTA Requirements
On March 2, the United States Treasury Department announced that, “with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, 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 either.”
Read the full statement from the US Treasury Department HERE.
While U.S. Secretary of the Treasury Scott Bessent has described the action as “a victory for common sense,” the measure’s supporters hold that the legislation was designed to address the growing problem of illegal money laundering in the United States. Differences of opinion on this legislation have caused back-and-forth legal decisions and several changes in direction.
A Brief Timeline of the Corporate Transparency Act
January 1, 2024: Corporate Transparency Act takes effect. Existing companies given until December 31, 2024, to file their initial BOI reports.
December 3, 2024: The U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction, temporarily halting the enforcement of the CTA’s reporting requirements.
December 23, 2024: The U.S. Court of Appeals for the Fifth Circuit reversed the injunction, reinstating the CTA’s reporting obligations and setting a new compliance deadline of January 13, 2025.
December 26, 2024: The Fifth Circuit reinstated the nationwide injunction, once again pausing the CTA’s enforcement.
January 23, 2025: The U.S. Supreme Court issued a stay on the injunction, allowing the enforcement of the CTA to proceed.
March 2, 2025: US Treasury announces it will not enforce penalties associated with the CTA.
As of March 3, 2025, the CTA remains in effect, but its enforcement is currently suspended for U.S. citizens and domestic companies. Business owners should stay informed about future regulatory changes to ensure compliance when enforcement resumes. The Springfield Chamber will continue to monitor this legislation – and its effects on small business community – through its Small Business Solutions Hub (see the “Things You Need To Know” section). For a deeper dive into the CTA, find the Chamber’s previous reporting here:
Corporate Transparency Act Adds New Federal Reporting Req’s for Many Small Businesses
December 18, 2023
Chamber’s Small Business Solutions Hub Program Unravels Corporate Transparency Act
March 1, 2024
An Update on the Corporate Transparency Act
December 5, 2024
Corporate Transparency Act (CTA) Injunction Lifted
February 24, 2025
Springfield Area Chamber of Commerce Business Advocacy
The Springfield Area Chamber of Commerce is a trusted convener and provider of business resources. They recognize the systemic interdependencies of a healthy economy and provide an ear and a voice for local business at the confluence of government, commerce, and community. They advocate for business by increasing visibility, dialogue, and representation at local, state, and federal policy circles around issues of impact and interest to their members. Learn more about the Chamber’s Business Advocacy work.
