Treasury Department halts enforcement of BOI requirements

The Treasury Department has announced a temporary halt on enforcement of Beneficial Ownership Information (BOI) reporting requirements for not-for-profit organizations.

This decision comes after significant feedback from the non-profit sector about the administrative burden these requirements place on charitable organizations.

What this means for your organization

If your non-profit was preparing to file BOI reports, you can temporarily pause these efforts while the Treasury Department reviews the requirements and potentially issues revised guidance specifically tailored to the non-profit sector.

Next steps

We recommend that organizations:

• Stay informed about updates from the Treasury Department
• Continue to maintain accurate ownership records
• Consult with your accounting professional about how this affects your specific situation

Our team at KVR is monitoring this situation closely and will provide updates as more information becomes available.