The Financial Crimes Enforcement Network (FinCEN) has extended the deadline for CTA compliance, originally set for March 21, 2025. No fines or penalties will be issued for failing to meet this deadline, and enforcement actions are currently suspended. Additionally, the U.S. Treasury Department announced that it will issue rules exempting U.S. citizens and domestic reporting companies from fines under the CTA, with enforcement focusing on foreign reporting companies.

What this means for you: Domestic companies no longer need to prioritize CTA compliance efforts at this time. However, foreign companies doing business in the U.S. may still be affected, and future administrations could reinstate enforcement.

If you have any questions, please reach out as soon as possible to any team member or to our general mail at admin@gillontax.com.