Treasury appears to understand the misnamed “Corporate Transparency Act” is a major burden on American small businesses. Overnight, they suspended enforcement. It’s killing small businesses.
However, the only permanent solution however is full repeal via the Tuberville-Warren-Davidson bill. Will Congress ever act on anything?
Donald Trump posted this morning that the small business reporting to FinCen, the Financial Crimes unit, is sort of no more.
“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.” Trump posted on Truth Social.
The Act might be illegal.
The new Corporate Transparency Act forces small business owners to go through the expensive and time-consuming work of reporting to FinCEN (the Financial Crimes Enforcement Network) or up to $10K in fines and up to two years in prison. It's now being challenged in court, and… pic.twitter.com/aXWZSxMOWq
— ParExcellence (@__ParExcellence) January 2, 2025
To give you an idea how ludicrous it is, the Sentinel has made no profit, and has to report to the Financial Crimes Unit.
Our representatives don’t make large businesses file — just small.
Economics author:
Why is the Financial Crimes Enforcement Network (FinCEN) coming after your small business LLC? I answer some of your questions… pic.twitter.com/Vvx7zwO7W2
— Carol Roth (@caroljsroth) March 15, 2024
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