The U.S. Treasury Department recently announced it would suspend the Beneficial Ownership Information (BOI) reporting requirement for U.S. citizens and domestic companies, initially mandated under the Corporate Transparency Act. Originally set to take effect by March 21, the reporting obligation faced legal challenges and confusion surrounding deadlines. U.S. Treasury Secretary Scott Bessent and President Trump affirmed the suspension as part of a regulatory rollback aimed at supporting small businesses. The Treasury indicated plans to target the regulation exclusively at foreign-reporting companies, indicating a substantial shift in how ownership information is regulated for American businesses.
The U.S. Treasury Department announced the suspension of the Beneficial Ownership Information (BOI) reporting for U.S. citizens and domestic companies, signaling a shift in regulations.
U.S. Treasury Secretary Scott Bessent highlighted the suspension as a move to reduce burdensome regulations on small businesses, which he states are vital to the economy.
President Trump supported the Treasury's decision, denouncing the BOI report as 'outrageous and invasive' while indicating regulations would soon be formally suspended.
The Treasury Department plans to narrow the BOI requirement's focus, limiting it to foreign-reporting companies, which represents a significant policy shift.
#beneficial-ownership-information #corporate-transparency-act #us-treasury #business-regulations #small-business
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