If you have a Limited Liability Company (LLC) or Corporation (S-Corp or C-Corp) or other “entity” you have hopefully heard about the requirement that you file a BENEFICIAL OWNERSHIP INFORMATION REPORT. It’s been a wild ride with lawsuits and injunctions changing the law and its deadlines. Here is the latest:

March 2, 2025: The Treasury Department is announcing today 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. The Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. Treasury takes this step in the interest of supporting hard-working American taxpayers and small businesses and ensuring that the rule is appropriately tailored to advance the public interest.

Bottom Line: The Treasury Department will change the language of the rulemaking to include that only foreign reporting companies will need to report their beneficial ownership.

IRS may start accepting e-filed returns Jan 27the, 2025. (Still an estimate.)

Filing deadline for 2024 tax year will be: April 15, 2025

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