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On March 2, 2025, the U.S. Treasury announced that it will not enforce any penalties or fines associated with beneficial ownership information (BOI) reporting requirements under the existing regulations. Additionally, it will not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their owners after new rule changes come into effect. The Treasury department also announced that it will narrow reporting requirements to only include foreign reporting companies.
If you have any questions on BOI reporting, please contact the International Tax Services Practice.
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Any advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues. Nor is it sufficient to avoid tax-related penalties. This has been prepared for information purposes and general guidance only and does not constitute legal or professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice specific to, among other things, your individual facts, circumstances and jurisdiction. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick, its partners, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.