Well here I am again with another update on the Corporate Transparency Act. So what's happening now? Well, as I said in my last video, back in February and February 27th, Fin CEN issued a notice stating that it was going to be extending the deadline for all entities to file or all people to file their reports under the Corporate Transparency Act until March 21.

However, just about a week ago, on March 2nd, the Treasury Department, which is the department that Finsen is a part of, issued a noticed notice stating that it will not enforce the Corporate Transparency Act against any U.S. citizen or U.S. company, maybe ever, and that the March 21 deadline is not applicable. So that no, no entity, whether domestic, US domestic or foreign entity needs to file a report by March 21st.

The Treasury Department also  indicated that it would be issuing further rules to clarify the status of the ACT as to foreign entities. So as of now, no entity has to report by the March 21, 25 deadline and most likely the rules will be changed to only apply to foreign entities. So what that means is that if you formed your entity, your business in any state in the United States, that act will not apply to you or your entity. Subscribe to my YouTube channel to receive the latest updates on the Corporate Transparency Act.

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