By Mike Hunter
President Trump’s newly appointed Secretary of the Treasury Scott Bessant apparently has “knives out” for the Corporate Transparency Act, at least with respect to U.S.-based businesses. Bessant announced on March 2nd that enforcement of the CTA has been suspended – no penalties will be enforced against domestic businesses for not filing the required BOI or failing to register with FinCEN by the existing deadlines (which have changed several times). His statement reads:
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.”
Here is a link to his press release: https://home.treasury.gov/news/press-releases/sb0038
Author: Kirk Palmer & Thigpen
Articles have been Reprinted with permission from the charlotte observer and Mike Hunter.
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