Beneficial Ownership Information (BOI) Requirements Suspended

Over the weekend, and after multiple court delays in which enforcement of the BOI rule was being challenged, the Treasury Department indicated it would not enforce penalties or fines associated with BOI non-reporting and/or non-compliance.

Furthermore, the Treasury Department indicated it is drafting an “Emergency Regulation” to suspend the BOI rule for all American businesses formally and will narrow the focus to foreign companies only.

This will clarify the matter, given the many and varied interpretations of when to comply, how to comply, and to whom the BOI rule applies.