On Sunday, the U.S. Treasury Department announced it would not enforce the Beneficial Ownership Information (BOI) reporting requirement for U.S. citizens and domestic businesses.
Previously, business owners faced a March 21 deadline to submit the report, but the Treasury Department has now suspended it.
The BOI reporting rule is part of the Corporate Transparency Act (CTA), which was passed in 2021 and took effect in January 2024. The requirement would have required an estimated 32.6 million small businesses to disclose personal information about their owners, including names, addresses, and dates of birth.
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