Overnight, the Corporate Transparency Act Was Defanged

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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.

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:


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Martha
Martha
2 months ago

Thank you for the update on this unconstitutional, discriminatory ruling. Several members of my family own small businesses and it was just another hurdle for them to jump through while managing to run their business. Some of their accountants were taken by surprise by this ruling. It was an additional burden on them as well. We need a simpler tax structure not a more cumbersome one.

Last edited 2 months ago by Martha