Treasury Scraps CTA BOI Reporting Requirements for Domestic Companies

In a move Treasury Secretary Scott Bessent called “a victory for common sense,” the Treasury Department announced on Sunday that it will not enforce penalties or fines against U.S domestic reporting companies or their beneficial owners under the Corporate Transparency Act. The agency also said it would work to narrow the scope of BOI requirements under the law to “foreign reporting companies only.”

And with that, the monthslong on-again, off-again drama of BOI reporting requirements for millions of American companies and their executives came to a sudden – and welcome – end.

You can read the entire Treasury announcement here.