The Treasury Department on Tuesday finalized a rule permanently exempting U.S. companies and individuals from reporting beneficial ownership information to authorities, rolling back Biden-era Corporate Transparency Act requirements.
“Today’s action is a victory for common sense and American small businesses,” Treasury Secretary Scott Bessent said in a statement on Aug. 11.
“President [Donald] Trump promised to cut red tape, and this final rule delivers. Treasury is eliminating a burdensome reporting requirement for millions of law-abiding business owners without compromising our national security.”
The original rules, implemented under the Biden administration, had applied to tens of millions of mostly small businesses. …