Sandy K. Baruah President and Chief Executive Officer at Detroit Regional Chamber | Twitter Website
Sandy K. Baruah President and Chief Executive Officer at Detroit Regional Chamber | Twitter Website
The U.S. Department of the Treasury has announced a suspension in enforcing penalties related to the Corporate Transparency Act. This decision affects the beneficial ownership information reporting rule, which will not be enforced against U.S. citizens or domestic reporting companies, even after forthcoming rule changes.
In a move aimed at supporting American taxpayers and small businesses, the Treasury plans to issue a proposed rulemaking that narrows the scope of the rule to foreign reporting companies only. The department emphasizes its commitment to ensuring regulations advance public interest.
"This is a victory for common sense," stated 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."
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