Some Sunday good news for small businesses and entrepreneurs. The Treasury Department has essentially placed the Corporate Transparency Act Beneficial Ownership Information (CTA BOI) on life support. The Treasury Department issued the announcement via X.
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
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…
Praise the Lord and pass the pork chops. Although it’s an interesting flex to announce this in the dead of night on a Sunday.
The Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only.— Treasury Department (@USTreasury) March 2, 2025
…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.
Slow golf clap. Gee… why didn’t someone in Congress or the Treasury Department think of this before? Perhaps because it was never intended to root out money laundering and corruption by foreign entities, but to collect data on American entrepreneurs and small businesses for them to use for God knows what at a time they deemed convenient. Had Donald Trump not won the presidency, small businesses would still be shadow boxing with an unknown entity. All we knew of the Biden administration is that these behind the scenes puppet masters were intent on eroding our freedom and livelihoods. As Treasury Secretary Scott Bessent affirmed, it’s a victory for common sense over rank nonsense.
“This is a victory for common sense,” said US Treasury @SecScottBessent “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.”— Treasury Department (@USTreasury) March 2, 2025
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 US Treasury @SecScottBessent “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.”
President Trump took to Truth Social to also announce this change, and further clarified that he plans to pull the plug on the rule, effectively getting rid of it.
This should have been done yesterday, but at least it’s being done.
Exciting news! The Treasury Department has announced that they are suspending all enforcement of the outrageous and invasive Beneficial Ownership Information (BOI) reporting requirement for U.S. Citizens. This Biden rule has been an absolute disaster for Small Businesses Nationwide. Furthermore, Treasury is now finalizing an Emergency Regulation to formally suspend this rule for American businesses. The economic menace of BOI reporting will soon be no more.
As RedState reported in December 2024 and January 2025, there has been a back and forth between the injunctions to stay the CTA BOI and the Biden administration pushing for its enforcement. After Donald Trump was inaugurated, the DOJ chose to pause all litigation surrounding CTA BOI upon further review of the rule, but it still left small businesses in limbo on whether they needed to file or could hold off. This recent change appears to be what has resulted from this review.
But make no mistake: Your voice as small businesses and entrepreneurs was heard loud and clear. If Trump wants to unleash economic prosperity, the people who generate 5.9 trillion dollars in annual revenue should neither be marginalized nor penalized.
Since the late 1990’s, small businesses have accounted for between 43.5% and 50.7% of the United States’ gross domestic output (GDP), which equates to trillions of dollars of economic activity. In 2014, the most recent data available, small businesses generated nearly $5.9 trillion. By comparison, large businesses generated $7.7 trillion to the national GDP that same year.
But it also exposes the hypocrisy of Democrats. They have been constantly caterwauling about Elon Musk and DOGE having access to personal data, yet they have done nothing to suspend this CTA BOI rule which forces small businesses and entrepreneurs to do exactly that.
Keep the pressure on. Contact your representative and demand that the Treasury Department follow through with a full repeal. It’s time to pull the plug.
Jennifer Oliver O’Connell (As the Girl Turns) is a contributor at Redstate and other publications. Jennifer writes on Politics and Pop Culture, with occasional detours into Reinvention, Yoga, and Food. You can read more about Jennifer’s world at her As the Girl Turns website. You can also follow her on Facebook, Twitter, and Telegram.
