Treasury Department Suspends the Enforcement of BOI For LLs

[Ken M.]

Treasury Department Suspends the Enforcement of BOI For LLCs

On again, off again.  It may be  law maybe not, but it isn't going to be enforced.

Treasury Department Suspends the Enforcement of BOI that Forces Small Businesses to Report Personal Details About Their Owners to the Feds

The U.S. Treasury Department announced on March 2 that it will cease enforcement of the Corporate Transparency Act (CTA) and its associated Beneficial Ownership Information (BOI) reporting requirements.

This decision follows conservative comedian and entrepreneur Terrence K. Williams tagging Elon Musk on X, urging him to take action against the burdensome Beneficial Ownership Information (BOI) rule.

“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.”

President Donald Trump also expressed his approval of the decision.