On March 2, the Treasury Department announced the suspension of enforcement of the Corporate Transparency (CTA) against U.S. citizens and domestic reporting companies, and that the Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only.
Any company that is incorporated in the U.S. is NOT required to register. The USFWC will continue to monitor the FinCen and Treasury websites, in the coming days to ensure members are up-to-date on the latest news regarding the Corporate Transparency Act. Click here to access the USFWC’s main hub of information on the CTA.
Note:
- Domestic reporting companies are corporations, limited liability companies, and any other entities created by the filing of a document with a secretary of state or any similar office in the United States.
- Foreign reporting companies are entities (including corporations and limited liability companies) formed under the law of a foreign country that have registered to do business in the United States by the filing of a document with a secretary of state or any similar office.
Note: Businesses incorporated outside of the U.S. will still be required to register for the Corporate Transparency Act.
