The Chronicles Of Grant County
New Federal Reporting Requirements
No Longer To Be Enforced
Part Six
Scott Bessent is the Secretary of the Treasury of the United States. (The photograph was provided courtesy of the United States Department of the Treasury.)
[Editor's Note: The federal government has been going back and forth on this for months. This seems to finally be the end of it! All of us small businesses are happy!]
Forget about it.
That is, in essence, what the United States Department of the Treasury said in a statement issued on March 2, 2025.
The Federal government has now decided it will no longer enforce the requirements for most businesses in Southwest New Mexico and throughout the United States to file Beneficial Ownership Information (BOI) reports.
These BOI requirements had made it mandatory for most American businesses to report detailed ownership specifics and personal information to the Financial Crimes Enforcement Network, a division of the U S Department of the Treasury. Severe fines and criminal penalties were hanging over the heads of American business owners if they refused to provide the information demanded by the Corporate Transparency Act.
There's still the need for the formalities – regulations to be re-written, perhaps new legislation to be passed and signed into law – but the U S Department of the Treasury has clearly stated that the regulations it fought so hard to implement are no longer a priority.
In the news release detailing this change by the U S Department of the Treasury, the Department indicated "…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 [U S] Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only," the statement continued. "[The U S Department of the] 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."
Scott Bessent, the Secretary of the Treasury of the United States, strongly supported this decision.
"This is a victory for common sense," said Secretary Bessent. "Today's action [on March 2, 2025] is part of President [Donald] 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 endorsed the decision of the U S Department of the Treasury.
In a social media post on March 2, 2025, President Trump stated "Exciting news! The [U S] 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 [President Joseph] Biden rule has been an absolute disaster for Small Businesses Nationwide. Furthermore, the [U S] 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."
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