On March 2, 2025, the Treasury Department announced that it will not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines or forthcoming rule changes for U.S. citizens, domestic companies, and their beneficial owners. And, the day after the Treasury made its announcement, a federal district court in Michigan declared the CTA’s reporting requirements unconstitutional under the Fourth Amendment’s prohibition against unreasonable searches. The CTA, however, still remains in full force and effect, and regardless of the guidance on enforcement, it is not clear the legal requirement to report will change.  Prudent companies should continue to be prepared to comply with the reporting requirement by March 21.