From www.journalofaccountancy.com: (US context) The U.S. Treasury announced that U.S. citizens and businesses will not face fines or penalties for failing to file beneficial ownership information (BOI) reports after new reporting deadlines are established.

The Financial Crimes Enforcement Network plans to propose rule changes that will narrow BOI reporting requirements to foreign companies only, following numerous court challenges and a push from the AICPA for delays.

Under the Corporate Transparency Act, which mandates disclosure of beneficial owners, new reporting deadlines will now be set, with no penalties enforced until they take effect.