Trump administration scraps mandate for most businesses, vows new rule
By Andy Medici – Senior Reporter, The Playbook, The Business Journals
Mar 3, 2025
Updated Mar 3, 2025 2:38pm EST
The vast majority of small businesses no longer have to adhere to a strict deadline to report ownership information as part of a Treasury Department bid to prevent money laundering.
Millions of small businesses were facing a March 21 deadline to report Beneficial Ownership Information (BOI), such as names and addresses of owners, as part of the Corporate Transparency Act passed by Congress in 2021 or face potential fines. The requirement, which was supposed to kick in Jan. 1, has been subject to a see-sawing set of court battles and decisions that have created a shifting set of guidelines and deadlines.
On March 2, the Treasury Department announced it would not enforce the upcoming deadline for any American-based small business, and will not enforce any penalties or fines for businesses that did not report that information. Instead, the Treasury Department will go back to the rule-making process, to "narrow the scope of the rule" to apply to foreign companies only.
The National Federation of Independent Business, which opposed the requirement, said in a statement it will continue to work to repeal the underlying law and that it would create a “vast new government database on Americans.”
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