After years of uncertainty surrounding a requirement for tens of millions of companies to report their beneficial ownership, tax practitioners now are waiting to see how severely the Treasury Department will narrow the rule.
Treasury on Sunday said that it plans to issue new proposed rules for the Corporate Transparency Act, a law that requires companies to report their beneficial owners to Treasury’s Financial Crimes Enforcement Network bureau with a goal of combating money laundering and terrorism. Treasury will put out an interim final rule in the meantime before the current March 21 reporting deadline and has suspended penalties for ...