March 4, 2025 – The Treasury Department has suspended enforcement, indefinitely, and will propose a narrowed rule to permanently address the issue.
On March 2, the Treasury Department announced 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.”
If you have questions or concerns, please contact INEDA using the information below:
Mark Hennessey – Ph: 515.231.7655
Or contact your local Director of Dealer and Government Relations:
Jamie Mertz, IA – Ph: 515.320.3314
Phil Erdman, NE – Ph: 402.429.5726