This week the Treasury Department announced they will be halting all enforcement of the Corporate Transparency Act against U.S. citizens and their businesses. Treasury released the following statement:
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.
President Trump also weighed in on the announcement stating:
This issue finally appears to be put to rest. Stakeholders are still pursuing a statutory repeal so that future administrations cannot revive the rule through changes in regulations or executive orders. NAEDA will continue to support that effort.
