The Treasury Department announced that it plans to eliminate the CTA reporting requirement for U.S. citizens, domestic reporting companies, and their beneficial owners, and will be submitting proposed rule changes to narrow the scope of the CTA reporting requirement to apply only to foreign reporting companies.

The Treasury has signaled that foreign companies will still be required to file BOI reports in accordance with the CTA, however those entities will not face any fines or penalties until after further extended deadlines, which are expected to be issued no later than March 21st. Foreign reporting companies are entities which are formed under the laws of a foreign country and are registered to do business in the U.S.

NSSF® supports the decision by the Treasury to remove the intrusive and burdensome reporting requirement from U.S. businesses. NSSF will continue to support ongoing legislative efforts to delay or repeal the onerous and intrusive CTA reporting requirements. NSSF will review the forthcoming regulatory actions by the Treasury Department for opportunities to comment on behalf of our industry.