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CTA UPDATE: AS OF MARCH 2, 2025, BENEFICIAL OWNERSHIP REPORTING IS SUSPENDED, (AGAIN) FOR U.S. CITIZENS AND REPORTING COMPANIES, PROBABLY PERMANENTLY.
Dudnick Detwiler Rivin & Stikker LLP rises to the occasion in the ever-evolving business climate. From tax law to legal precedents, the rules are always changing. It can be hard to keep up on your own. That’s why we work with our clients to develop first-class strategies based on their current needs.
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The U.S. Treasury Department announced on February 27 that it will not enforce any penalties or fines for failure to comply with the prior beneficial ownership reporting deadline of March 21. In addition, Treasury stated that it will issue a new “interim final” rule by March 21 including new deadlines. Then, on March 2, Treasury announced that it will not enforce any penalties or fines against U.S. citizens or domestic reporting companies even after the forthcoming “interim final” rule takes effect. While various procedural steps are still required, it seems likely that the CTA scope will apply only to foreign citizens and entities, considered higher-risk for money-laundering and fraud.
DDRS continues to monitor developments related to the CTA. Clients with questions about CTA matters should reach out to their primary contact within the firm.