Posted on 03/02/2025 9:23:29 PM PST by MNJohnnie
The Treasury Department announced March 2 that it will no longer enforce the Corporate Transparency Act or the associated Beneficial Ownership Information reporting requirements.
Furthermore, the agency announced that, “Not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either.”
The Treasury Department said it will further be issuing a proposed rule that will narrow the scope of the rule to foreign reporting companies only.
“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.”
The Corporate Transparency Act, which was signed into law in January 2021, is an anti-money laundering law that directs businesses to report their ownership structures to the Financial Crimes Enforcement Network (FinCEN), which is overseen by the Treasury Department. The thinking is that clear ownership structures make it more difficult for bad actors to use shell companies for illicit activities like money laundering or drug trafficking.
A Jan. 1, 2025, deadline had originally been set for reporting companies to file their BOI reports with FinCEN, but that deadline has been delayed and suspended numerous times by federal courts.
Another poor law passed by the Democratic Congress and signed by a Democratic pResident.
Good.
It was just another pain in the ass time waster whilst those intent on laundering money could easily find ten ways around it.
For sure…. how much more WINNING can my old heart stand!
Does this include the Biden requirement for banks to report to the IRS every transaction of $600?
... at the same time that the government has made trillions of dollars of untraceable transactions, without any accountability. Hypocrites!
Who cashed the checks?
Official govt portrait of Biden Treasury hire, Nigerian Wally Adeyemo. Adeyemo abruptly quit Treasury when Trump came in. Ademeyo refused to handover documents chronicling his Treasury activities wrt $4.7 trillion in Treasury payments. Earlier, the Nigerian headed “Obama’s Foundation” which soon made Obama “a billionaire.” Is this why Obama won’t discuss his Foundation finances?
Nigerian Wally Adeyomo, Biden’s US Treasury hire is
an experienced Democrat and more than proved his worth.
Nigerian born Wally (Wale) Adeyemo is now the new Deputy Secretary of the United States Treasury, following his confirmation by the Senate. The U.S. Mission in Nigeria announced his confirmation on Friday, said Wally was one of the spectacular personalities and first Nigerian African to assume the position. He was born in Ibadan, and raised in Southern California. Biden had prior to his inauguration, nominated Adeyemo as part of the White House team that would drive Biden's vision of rebuilding the country
Update
<>Adeyemo abruptly quit Treasury when Trump came in.
<>Ademeyo refused to handover documents chronicling his Treasury activities
<>he quit Treasury leaving $4.7 trillion in unidentified Treasury payments.
<>the Nigerian once headed Obama’s “Foundation” which made Obama “a billionaire.”
<>probably why Obama wont discuss his Foundation finances.
Another selectively applied law? Where apparent democrap donors run scot free and those that do not donate to democrap coffers, even if non-political, are punished? This seems to be a running theme through just about any enforcement.
ah, I see, democraps turning us into a 3rd world kleptocracy.
mass55th wrote:
“
Does this include the Biden requirement for banks to report to the IRS every transaction of $600?
“
I don’t think it does; I hope they get rid of that limit.
And it’s not banks that report it, it’s online money transfer companies like PayPal, venmo, etc.
For example, if someone sells on eBay or Facebook Marketplace and ships the goods, the transactions are tallied and then reported to the IRS when it reaches the limit.
It used to be “$20,000 -and- 200 transactions”.
Last year the limit was $5000 and any number of transactions, this year it’s $2500 and any number of transactions, and next year it’s $600 and any number of transactions.
So someone selling their used sofa for $600 via PayPal will get a 1099-R form from PayPal and PayPal reports it to the IRS.
The tax preparers say if you sell it for less than you bought it for, you can put “$600, purchase” on a particular IRS form, and “$600 sold” on that form; this way it balances out and there’s no gain (you can’t take a loss on selling your goods).
But that will create a whole lot of paperwork, not to mention the mess when someone can’t prove what they initially paid for the item and the IRS asks for that proof (who keeps receipts beyond the warranty period for all their household goods?).
The usual Dem MO
Thanks for the excellent explanation. I appreciate it. I hope they do get rid of it. I don’t sell any thing online, and haven’t had a PayPal account in many years.
Since the law was authorized a President who, himself, was credibly accused of laundering money through his own family’s shell companies, it is/was a joke.
woohoo!
I’ve been riding this out simply on principal. They already know everything about me.
yeah, it has nothing to do with 1099 ($600+) wage reporting.
BOI reporting was a gratuitous attempt to have the primary Corporate/LLC owners identify themselves once again to a federal enforcement agency.
FWIW, Corporate/LLC entity founders already have to report their personal info to the incorporating state. BOI was nothing more than Congress demanding the centralization of the private ownership details.
Filing last year cost me $500 in lawyer fees to file the convoluted form.
Will I get that back? (Rhetoric question)
Trump’s Treasury Dept announced March 2 that it will no longer enforce the Corporate Transparency Act or the associated Beneficial Ownership Information reporting requirements.
“This is a victory for common sense,” said U.S. Secretary of the Treasury Scott Bessent. “Not only will we not enforce any penalties or fines associated with the beneficial ownership information reporting, but we will not enforce penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners.” Treasury said it will be narrowing the scope of the rule’s enforcement to foreign reporting companies only.
Biden’s Corporate Transparency Act exempted many entities,
including banks, credit unions, and “governmental authorities.”
We do need something like this in place for insurance companies, though. Apparently they create affiliate companies who charge them for “services” (they outsource a few tasks), and in wildly over charging, they siphon off the insurance company’s profits. That way the insurance company can raise rates, or declare themselves insolvent to avoid paying claims, and on paper they do indeed look broke, but only because their proceeds are being hidden in the affiliate company. It’s being noticed in Florida, but I’m sure it’s happening in a lot of other states as well.
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