The Department of Treasury has announced 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 department will issue a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only.
This is a major win for pharmacies: previously, small businesses (including pharmacies) with20 or fewer full-time employees that do not otherwise meet an exemption were required to report a beneficial ownership information report with the U.S. Treasury's Financial Crimes Enforcement Network.
NCPA advocated for the CTA’s repeal or delay in April 2024, September 2024, December 2024, and January 2025.
