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Great News for American Business Owners!

The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, 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. The Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. Treasury takes this step in the interest of supporting hard-working American taxpayers and small businesses and ensuring that the rule is appropriately tailored to advance the public interest.

“This is a victory for common sense,” said U.S. Secretary of the Treasury Scott Bessent. “Today’s action is part of President Trump’s bold agenda to unleash American prosperity by reining in burdensome regulations, in particular for small businesses that are the backbone of the American economy.”

Great News for American Business Owners! >The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, 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. **The Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only.** Treasury takes this step in the interest of supporting hard-working American taxpayers and small businesses and ensuring that the rule is appropriately tailored to advance the public interest. >“This is a victory for common sense,” said U.S. Secretary of the Treasury Scott Bessent. “Today’s action is part of President Trump’s bold agenda to unleash American prosperity by reining in burdensome regulations, in particular for small businesses that are the backbone of the American economy.” [Archive](https://archive.today/75tST)

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[–] • 0 pt

Maybe you missed my edit to my last comment? IRS can GTFO of my personal details and just do what they are supposed to do, verify that I am paying the correct amount of tax on my business profit.

I agree with you on the IRS. But the thing is this rule was actually a good thing. As you should have noticed the corporate transparency act is still a thing. They just stripped out the only part that would actually verify the foreign entities that are actually running these big corporations. Yes more paper work for avg Americans like you and I... BUT... In the long run we would have found out who actually owns the huge corporations (example being the huge energy monopolies) that all have a fake "american" front man on their wiki page and all of their websites.

[–] • 0 pt

I thought the 2021 version was set up to capture the big foreign entities, this 2024 change captures small American owned mom and pop level businesses too.

Trump's Treasury has rescinded that 2024 addition of small corporation compliance, so it's essentially reverted back to the original 2021 act, or at least that was my interpretation - so the large corporations still have to comply with the 2021 act.

[–] • 0 pt

There is no such thing as "Small Business Corporate Transparency Act". I also didn't see anything in the article relating to 2024 additions or changes. It's merely informing you of who has to fill out the BO forms and why. Which doesn't matter anyway because the got rid of it for all Domestic Reporting Companies, which inherently includes all US small businesses, they just added the U.S. Citizen part to make it seem like a good thing.

There isn't 2 seperate acts nor was there anything added in 2024. The CTA was passed in 2021. It was paused in early Dec 2024 reinstated later that month. The only thing that has changed is the deadline.

https://jvlawoffices.com/2024/12/27/corporate-transparency-act-what-you-need-to-know-about-the-new-january-13-2025-deadline/

Long story short. Everyone will cheer "winning" because they don't have to fill out a form that has no more info on it than a 1099, while israel continues to be able to hide their ownership of "american" companies.