The U.S. Department of Treasury will not enforce the Corporate Transparency Act come March 21, but the underlying law remains in effect, cautioned the American College of Radiology (ACR) in a March 14 bulletin.
Companies doing business in the U.S. — including ACR member companies, radiology practices, and imaging centers — were preparing to have to disclose to the U.S. government information about the individuals who own or control them, although some could be exempt, ACR noted in a previous bulletin.
Instead, the Treasury will issue a regulation soon to clarify entities that still must report ownership information, the ACR explained, adding that beneficial ownership information compliance will fall primarily on certain foreign entities that have a controlling interest in U.S. companies.
“Congress will have to repeal or modify [the act] if the Treasury Department eventually concludes that the law is no longer necessary,” the ACR said.