The U.S. Treasury Department said Sunday it won’t enforce penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners under the Corporate Transparency Act.
The agency said in a statement that it also would embark on a rulemaking that narrowed the scope of the beneficial ownership information reporting rule under the law to “foreign reporting companies only.”
To read more click here: https://home.treasury.gov/news/press-releases/sb0038
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