OAN Staff Abril Elfi
12:57pm – Monday, March 3, 2025
President Donald Trump praised the Treasury after announcing it had stopped enforcement of its Beneficial Ownership Information (BOI) reporting requirements for US domestic companies.
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On Sunday, Trump posted on Truth Social. There, they praised the department's decision to not impose current or future fines if the company did not register in the institution's BOI database or created during the Biden administration.
According to the IRS, programs in the Biden era may require certain information about beneficial owners to be reported to the Department of the Treasury's Financial Crime Enforcement Network (FINCEN).
Trump described the measure as “outrageous invasive.”
“Exciting news! The Treasury has announced that it has suspended all enforcement of its reporting requirements for outrageous, invasive and beneficial ownership information (BOI) to US citizens,” Trump wrote. “The Biden rules have been an absolute disaster for small businesses across the country. What's more, the Treasury Department is currently completing emergency regulations to formally suspend this rule for American businesses. The economic threat of BOI reporting will soon be gone.”
During a series of X-Posts, the Treasury announced that no penalties or fines related to the BOI will be enforced, nor will penalties against US citizens or national reporting companies or their beneficial owners.
“The Treasury will take this step to support hard-working American taxpayers and small businesses and ensure that regulations are properly coordinated to promote the public interest,” the department said.
“It's a victory for common sense,” said Scott Bescent. “Today's actions are part of President Trump's bold agenda to unleash America's prosperity by limiting burdensome regulations, particularly for small and medium-sized businesses, which are the backbone of the American economy.”
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