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Trump axes 'outrageous and invasive' rule that was 'disaster for small business'

Irish Star
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The Treasury Department announced on Sunday, March 2, 2025 , that it will stop enforcing the Corporate Transparency Act and the related Beneficial Ownership Information Reporting requirements.

President Donald Trump and Treasury Secretary Scott Bessent called the move a 'disaster' for small businesses.

The Treasury will not enforce any penalties or fines against U.S. citizens or domestic reporting companies after the forthcoming rule changes take effect.