​President Trump signed a Republican-led stopgap measure to keep the government funded, preventing a shutdown after a contentious debate in Washington. The Continuing Resolution (CR) generally extends federal funding at current levels through the end of FY25 (September 30th) but increases defense spending by $6 billion and cuts nondefense spending by $13 billion.

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, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either. The Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. Treasury takes this step in the interest of supporting hard-working American taxpayers and small businesses and ensuring that the rule is appropriately tailored to advance the public interest.
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“This is a victory for common sense,” said U.S. Secretary of the Treasury Scott Bessent.  “Today’s action is part of President Trump’s bold agenda to unleash American prosperity by reining in burdensome regulations, in particular for small businesses that are the backbone of the American economy.”
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Unless the Federal Courts or Trump Administration take further action, Beneficial Ownership Information (BOI) registration forms are due by March 21st as part of the Corporate Transparency Act (CTA). CTA is an anti-money laundering law that will require millions of small business owners to register with the Financial Crimes Enforcement Network (FinCEN). As it currently stands, failure to file leads to penalties of up to $591 per day and could even lead to $10,000 in fines and jail time.  FinCEN requires beneficial ownership information, or BOI, to be filed online with items such as: