The Treasury Department, along with President Donald Trump, issued a statement on Sunday, March 2, 2025, announcing that it will stop enforcing both the Corporate Transparency Act and the related Beneficial Ownership Information Reporting requirements, referring to it as a ‘disaster’ and placing blame on Joe Biden.
Donald Trump took to TruthSocial and wrote, “Exciting news! The Treasury Department has announced that it is suspending all enforcement of the outrageous and invasive Beneficial Ownership Information (BOI) reporting requirement for U.S. Citizens.
“This Biden rule has been an absolute disaster for Small Businesses Nationwide. Furthermore, the 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 its announcement, the agency clarified: “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.”
U.S. Secretary of the Treasury Scott Bessent celebrated the development: “This is 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, particularly for small businesses that are the backbone of the American economy.”
