President Donald Trump celebrated the Treasury Department’s recent announcement that it is suspending enforcement of the Corporate Transparency Act against U.S. citizens and domestic reporting companies.
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“Exciting news! The Treasury Department has announced that they are suspending all enforcement of the outrageous and invasive Beneficial Ownership Information (BOI) reporting requirement for U.S. Citizens,” Trump wrote on Truth Social. “This Biden rule has been an absolute disaster for Small Businesses Nationwide. Furthermore, Treasury is now finalizing an Emergency Regulation to formally suspend this rule for American businesses. The economic menace of BOI reporting will soon be no more.”
In a statement on Sunday, Treasury said “not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either.”
“The Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only,” the statement added. “Treasury takes this step in the interest of supporting hard-working American taxpayers and small businesses and ensuring that the rule is appropriately tailored to advance the public interest.”
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Treasury Secretary Scott Bessent called it a “victory for common sense.”
“Today’s action is part of President Trump’s bold agenda to unleash American prosperity by reining in burdensome regulations, in particular for small businesses that are the backbone of the American economy,” he added.
Job Creators Network also praised the move.
“The Trump administration has listened to calls from small businesses and Job Creators Network to stop the Corporate Transparency Act, a burdensome Biden-era reporting regulation that threatened Main Street with massive fines and even jail time for noncompliance,” said JCN’s CEO Alfredo Ortiz. “JCN polling found that most small businesses weren’t even aware of the CTA, let alone its requirements and penalties. JCN is proud to have led the effort to overturn this anti-small business attack. By stopping enforcement and formally suspending the CTA, Trump and Treasury Secretary Bessent have rescued American small businesses from a significant burden.”
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