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On Sunday, President Donald Trump praised the Treasury Department for its decision to suspend enforcement of the Beneficial Ownership Information (BOI) reporting requirements, which had been mandated for U.S. citizens and domestic entities.
The Biden-era initiative, enforced by the IRS, required individuals to report certain details about beneficial owners to the Treasury’s Financial Crimes Enforcement Network (FinCEN).
Trump described the requirement as “outrageous and invasive.”
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President Trump thanked the Treasury Department on Sunday for its decision to suspend the BOI reporting requirements. (Reuters/Dado Ruvic/Illustration/Reuters Photos)
“Exciting news! The Treasury Department announced it is suspending all the outrageous and invasive Beneficial Ownership Information (BOI) reporting for U.S. citizens,” Trump wrote. “This Biden-era rule was an absolute disaster for small businesses across the country. Additionally, the Treasury Department is now finalizing an emergency regulation to formally suspend this rule for U.S. companies. The economic threat of BOI reporting will soon be eliminated.”
The Treasury Department confirmed via a series of posts on X that sanctions or fines related to BOI reporting will not be enforced, and there will be no penalties against U.S. citizens, domestic reporting companies, or their beneficial owners.
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The Treasury Department stated that BOI-related sanctions or fines will not be enforced against U.S. citizens, domestic reporting companies, or their beneficial owners. (iStock/iStock)
Moving forward, the focus will shift exclusively to foreign companies.
“The Treasury Department is taking this step in the interest of supporting hard-working U.S. taxpayers and small businesses, ensuring that this rule is reasonably tailored to serve the public interest,” the department said.
Treasury Secretary Scott Bessent speaks during a Senate confirmation hearing on January 16. (Chen Mengtong/China News Service/VCG via Getty Images)
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“This is a victory for common sense,” said Treasury Secretary Scott Bessent. “Today’s announcement is part of President Trump’s bold agenda to unleash American prosperity by eliminating burdensome regulations, particularly for small businesses that are the backbone of the U.S. economy.”
This decision comes as Trump’s executive orders aim to enhance border tariffs and reduce federal spending by $1.5 trillion to $2 trillion, aligning with his broader economic agenda.
