Overview

• The Treasury Department has suspended enforcement of Beneficial Ownership Information (BOI) reporting requirements for U.S. businesses under the Corporate Transparency Act (CTA).
• Proposed rule changes will narrow the scope of reporting to foreign companies, though specifics on applicability remain unclear.
• The announcement follows bipartisan concerns about the overreach of the CTA and ongoing legal challenges questioning its constitutionality.
• Millions of U.S. companies had already submitted BOI data, raising questions about the handling of previously collected information.
• Critics argue the policy shift undermines efforts to combat money laundering and criminal activity, while supporters praise the relief it provides to small businesses.