The U.S. Department of the Treasury has suspended enforcement of the reporting requirements under the Corporate Transparency Act and announced its intent to limit the rule going forward to only foreign companies.
In a March 2 release, the Treasury announced a suspension of enforcement of the beneficial ownership information reporting rule and that no penalties or fines will be imposed on U.S. citizens or domestic reporting companies for failure to comply. The Treasury also announced plans to issue a proposed rulemaking that will narrow the rule’s scope to foreign reporting companies only.
U.S. Secretary of the Treasury Scott Bessent called the move a “victory for common sense” aimed at supporting small businesses and reducing regulatory burden, according to the release.
While the federal government’s reporting requirement is off, Pennsylvania’s new annual reporting requirement remains in place.
Starting this year, most associations formed or registered to do business in Pennsylvania – including for-profit and nonprofit corporations, LLCs, limited partnerships, and all foreign registered associations – must file an annual report with the Pennsylvania Department of State.
Annual reports must be filed by the following deadlines:
| Association Type | Filing Date |
| Corporations (business and nonprofit)/domestic and foreign | June 30 |
| Limited liability companies/domestic and foreign | September 30 |
| Limited partnerships, limited liability partnerships, business trusts, professional associations/domestic and foreign | December 31 |
If you have any questions about the Corporate Transparency Act or Pennsylvania’s annual reporting requirement, please contact any member of the Saxton & Stump Business and Corporate Group at any time.
