The overly burdensome Corporate Transparency Act which required every LLC to file reports with Treasury to help fight financial fraud has been put down by President Trump and Treasury Secretary, Scott Bessent. The Beneficial Ownership rules (BOI) were an unnecessary burdent for Americans. This was a crazy rule that was a massive infringement on the rights of Americans all with the hopes that they would identify financial fraud. It came across that all American business people with LLCs are suspects when it comes to hiding finances. This is good news that this has been killed.
Below is the announcement that the Treasury Department made on Twitter on March 2nd, 2025.
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…
— Treasury Department (@USTreasury) March 2, 2025