Cora Alvi, Deputy Chief of Staff | https://www.linkedin.com/in/cora-alvi/
The Treasury Department has announced it will not enforce penalties or fines related to the Corporate Transparency Act's beneficial ownership information reporting rule against U.S. citizens and domestic reporting companies. This decision applies both before and after upcoming rule changes. The department plans to propose a rulemaking that will limit the scope of the regulation to foreign reporting companies only.
According to the Treasury, this action is intended to support American taxpayers and small businesses while ensuring that regulations serve the public interest effectively.
"This is a victory for common sense," stated U.S. Secretary of the Treasury Scott Bessent. "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."
