The U.S. Treasury Department’s Financial Crimes Enforcement Network announced it is ceasing enforcement of the Corporate Transparency Act while it revises compliance requirements in response to a recent court ruling and crafts a new set of regulations that will ultimately narrow the scope of beneficial ownership information reporting requirements. “No fines or penalties will be issued, and no enforcement actions will be taken, until a forthcoming interim final rule becomes effective and the new relevant due dates in the interim final rule have passed,” reads the announcement.

Many businesses, including dental practices, previously had until March 21 to file reports. The Financial Crimes Enforcement Network now plans to extend these deadlines, though specific new dates have not yet been announced. The agency said it would issue the interim final rule by March 21, “recognizing the need to provide new guidance and clarity as quickly as possible, while ensuring that [beneficial ownership reports] that is highly useful to important national security, intelligence and law enforcement activities is reported.”