By Acacia Business Solution’s Staff
March 2, 2025
Today, the Treasury Department announced that it will halt the enforcement of fines or penalties related to the Corporate Transparency Act’s beneficial ownership information reporting requirements. This suspension applies not only to deadlines under the current regulations but also to U.S. citizens, domestic reporting companies, and their beneficial owners after upcoming amendments to the rule are implemented.
In addition, the Treasury Department plans to issue a new proposed rule that will limit the scope of the reporting requirements exclusively to foreign reporting companies. This move aims to aid American taxpayers and businesses while ensuring the rule’s focus aligns with the public’s best interests.
“This decision is a win for practical governance,” said U.S. Secretary of the Treasury Scott Bessent. “It reflects President Trump’s commitment to fostering economic growth by reducing undue regulatory burdens, especially on small businesses, which serve as the backbone of America’s economy.”
The shift highlights an effort to adapt regulations that better serve the American public without stifling economic opportunity.
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