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In a surprise announcement on Sunday night, U.S. Treasury Department Issuing a press release that can save tens of millions of small businesses unlike financial criminals and risk jail time and massive economic fines.
The release, titled “The Treasury Department Announces Moratorium on Enforcement of Corporate Transparency Act for U.S. Citizens and Domestic Reporting Companies,” appears to offer a significant victory for Main Street.
Just like me Talk about it here beforeThe Company Transparency Act (“CTA”) is rejected by the President Donald Trump In his first administration, but Congress overshadowed the veto. Then, the Biden administration’s Treasury Department entered a comprehensive government transcendence model.
President Donald Trump and Treasury Secretary Scott (Getty Images/Photo Illustrations)
The CTA’s Benefit Ownership Information (BOI) report requires that small business owners be forced to register in guilt with the Finance Department’s Department of Financial Crime (FINCEN), previously for proof, plus lasting penalties for non-documentary, incorrect application, incorrect application or failed renewal application.
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On March 2, 2025, the Ministry of Finance issued explain:
“The Treasury Department announced today that with respect to the Company Transparency Act, it will not only not enforce any fines or fines related to the beneficial ownership information reporting rules under the existing regulatory deadlines, but it will further enforce any fines or fines for U.S. citizens or their family reporting companies or their beneficiaries.
“this Ministry of Finance The proposed rulemaking will be further released, narrowing the scope of the rules to foreign reporting companies. The Treasury Department has taken this step to support hard-working U.S. taxpayers and small businesses and ensure that rules are properly tailored to promote the public good.
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“This is a victory of common sense,” said U.S. Treasury Secretary Scott Bessent. “Today’s action is part of President Trump’s bold agenda to free up American prosperity by re-engaging heavy regulations, especially for small businesses in the U.S. economy,” said U.S. Treasury Secretary Scott Bessent.
The way I explain it with others means that we small businesses and citizens don’t have to file a CTA BOI to Fincen and don’t face any fines. It’s a big relief for tens of millions of small and private businesses, as well as for the board members of the Housing Association and others in trouble.
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It was also a huge, long-standing victory as the Biden administration hindered all efforts to overthrow it.
It was also a great feeling to know that the Street finally had advocates in the administration, including President Trump and Treasury Secretary Besner.
“I think it’s time for Main Street. Wall Street can continue to do a good job, maybe not very well, and now is the time to get the recovery of small business leaders in the streets…” How refreshing it is to get government officials to give a speech.
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To ensure permanentity (that is, this won’t be restored to its original state in future administration), small businesses need Congress to apply the CTA BOI rules only to foreign reporting companies, so hopefully everyone will call their representatives and ask them to follow the leadership of the Treasury Department.
But for the moment, the streets can rely on one obstacle, and small businesses can focus on prosperity.
