As the flurry of Corporate Transparency Act (CTA) developments continues, on March 2, the US Department of the Treasury announced the suspension of CTA enforcement against US citizens and domestic reporting companies, following on the heels of last week’s announcement by the Financial Crimes Enforcement Network (FinCEN) that it is not issuing fines or penalties in connection with beneficial ownership information (BOI) reporting for the time being. Going forward, as indicated by Treasury, the CTA will apply only to foreign reporting companies.
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The CTA: Now You See It … Now You Don’t
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