Feds Call Time Out on Reporting Ownership Information

American College of Radiology® (ACR®) members and their practices received a regulatory break from the federal government when the U.S. Dept. of Treasury announced it will not enforce the Corporate Transparency Act. ACR reported prior to Treasury’s announcement the government would begin March 21, to require U.S. domestic corporations to disclose their beneficial ownership information (BOI). The requirement would have mandated reporting the beneficial owner’s: full legal name, address and date of birth; unique identifying number (e.g., passport or driver’s license); and percentage of ownership or decision-making control in the corporation.

Treasury will issue a regulation soon to clarify entities that still must report ownership information. BOI compliance will fall primarily on certain foreign entities that have a controlling interest in U.S. companies. 

Although the government decided to postpone enforcing the act, the underlying law remains in effect. Congress will have to repeal or modify it if the Treasury Department eventually concludes that the law is no longer necessary.

ACR will continue to monitor developments related to the act and provide updates. For more information or if you have questions, contact Tom Hoffman, ACR General Counsel and Executive Vice President, Governance and Member Services.