This is excellent news. But the new rule needs be scaled WAY back to only require Beneficial Owner Information (BOI) reports from foreign entities that are registered to do business in the US, not domestic entities, except upon a showing of reasonable suspicion or probable cause.
Even then, the new scaled back rule needs to be codified into law to eliminate the risk of a future administration ramping it back up.
The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines…