No Enforcement of BOI for Domestic Entities or US Citizens

We continue to get guidance on BOI reporting from Treasury

Photo by Raphael Rychetsky on Unsplash

The US Department of Treasury issued an update yesterday indicating that they will not enforce any penalties or fines associated with the beneficial ownership information (BOI) reporting for any:

• Domestic entity (LLC, corporation, LLP, LP, LLLP, or any other entity),

• US Citizen, or

• Their beneficial owners (which may include foreign owners?)