The Corporate Transparency Act, which requires some family offices to report details about their ownership to the government, may no longer be a concern for most family offices.
The CTA took effect on January 1, 2024, but was put on hold by a court. It was then put back in force, with new deadlines. Now the Treasury Department has said that it plans to issue “a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only.” (Read the Treasury Department press release.)
For more information:
- News release from FinCEN: FinCEN Not Issuing Fines or Penalties in Connection with Beneficial Ownership Information Reporting Deadlines.
- Article from the National Law Review: New Rulemaking Announced: Treasury Department Suspends Reporting, Enforcement and Fines under the Corporate Transparency Act until Further Notice.
- Previous article on what the Corporate Transparency Act requires and why it was passed: Demystifying the Corporate Transparency Act.
