The Department of the Treasury announced that it would be holding negotiated rulemaking to narrow the scope of the Corporate Transparency Act only to enforce penalties against foreign companies.
“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.”
— The Department of the Treasury
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Treasury states this announcement will benefit domestic Tribal government-owned businesses, individual Native-owned businesses, and Alaska Native Corporations. “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.”
For any other questions or concerns, please contact Nicholas Lovesee, Director of Policy, at nicholas@nafoa.org
