U.S. Treasury Suspends Beneficial Ownership Reporting for Small Businesses

WASHINGTON, D.C. — The U.S. Treasury Department announced on March 2, 2025, it will suspend enforcement of Beneficial Ownership Information (BOI) reporting requirements for domestic companies and citizens. This decision, which impacts an estimated 32.6 million small businesses, marks a significant change in regulation under the Corporate Transparency Act of 2021.

The Corporate Transparency Act aimed to enhance transparency in business ownership to combat money laundering and related crimes by requiring companies to disclose information about their beneficial owners. However, with the recent announcement, the focus will shift towards enforcing these provisions solely on foreign companies, effectively exempting U.S. businesses from compliance.

U.S. Secretary of the Treasury Scott Bessent described the decision as a “victory for common sense