Treasury Department said it won’t take enforcement action against Americans or American companies who fail to file ownership information under the law.

The US treasury department announced that it will halt enforcement of the Corporate Transparency Act's Beneficial Ownership Information reporting requirements for US citizens and domestic firms. President Trump supports the move,

The Treasury Department has announced that it will no longer enforce the Corporate Transparency Act or the associated BOI reporting requirements.

The rule, which was held up in court for the last few months, would require foreign and domestic companies to disclose their true owners.

Turns out procrastination worked out after all for the millions of businesses who held off on submitting their beneficial ownership reports.

Today, the National Cattlemen’s Beef Association thanked President Donald Trump and U.S. Treasury Secretary Scott Bessent for suspending enforcement of the Corporate Transparency Act (CTA) and limiting the scope of the law to protect family farms and ranches from excessive regulations.

The Treasury Department announced plans to significantly narrow beneficial ownership information (BOI) reporting obligations under the Corporate Transparency Act (CTA). In a press release issued on March 2,