NO ENFORCEMENT OF BENEFICIAL OWNER INFORMATION REPORTS UNDER THE CORPORATE TRANSPARENCY ACT!
The Trump administration has suspended all enforcement of the Corporate Transparency Act! This means that no one is required to report beneficial owner information and no fines or penalties will be issued. Enforcement of BOI reporting has been very confusing. Reports were required one week and then not required the next week. Trump has cleared away the Biden-era rule and made it clear – no BOI Reports are required and there will be no fines or penalties.
President Trump posted on Truth Social the other day the following:
“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. 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.”
