On March 2, the US Treasury Department announced via press release that not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing Corporate Transparency Act (CTA) 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. 

According to the release, the Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. The release states that the Treasury is taking a 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.