The Treasury Department announced today that it will not enforce any penalties or fines related to the Corporate Transparency Act’s beneficial ownership reporting rule, both under existing deadlines and after upcoming regulatory changes. Additionally, a proposed rule will be introduced to limit the reporting requirement to foreign companies only. This move aims to support American taxpayers and small businesses while ensuring the rule serves the public interest.

“This is a victory for common sense,” said U.S. Treasury Secretary Scott Bessent. “Today’s action aligns with President Trump’s agenda to boost American prosperity by reducing burdensome regulations, particularly for small businesses—the backbone of our economy.”