The US Treasury Department has announced it will not enforce penalties or fines related to the beneficial ownership information reporting rule under the Corporate Transparency Act. This exemption applies to U.S. citizens, domestic reporting companies, and their beneficial owners after new rule changes take effect. The department is also proposing a revised rule that targets only foreign reporting companies. The move aims to reduce burdens on small businesses and hard-working American taxpayers while advancing public interest.
According to US Secretary of the Treasury Scott Bessent, this decision represents “a victory for common sense.” It marks part of President Trump’s agenda to simplify regulations and promote economic growth, particularly for small businesses that drive the American economy.
Source: https://home.treasury.gov/news/press-releases/sb0038