Late Tuesday, Aug. 11, Treasury issued a final rule effectively dismantling Beneficial Ownership Information (BOI) reporting as passed under the Corporate Transparency Act (CTA).
Treasury Announces Broad CTA Roll-Back
Washington, D.C. – Late Tuesday, Aug. 11, Treasury issued a final rule effectively dismantling Beneficial Ownership Information (BOI) reporting as passed under the Corporate Transparency Act (CTA). In March of 2025, Treasury rolled-out an interim rule saying they would only take action against foreign companies that fail to comply with the CTA. This final rule eliminates the BOI requirements and also directs the Financial Crimes Enforcement Network (FinCEN) to delete all previously reported information from its database. However, the CTA remains an ongoing concern for America’s small businesses.
Below is a statement from NSBA President and CEO Todd McCracken.
“I applaud Treasury and this administration for seeing this law for what it is: a massive burden on America’s job creators which will do next to nothing to actually stop money-laundering. We have been beating the drum on this flawed concept for three administration’s now, and I’m glad our message has finally gotten through.
“Unfortunately, as we’ve seen repeatedly, winds can change and regulatory declarations can easily be reversed. The CTA is still the law of the land and, while small businesses have a reprieve for now, NSBA will remain vigilant in its work to end this flawed concept for once and for all.
“I want to personally thank Sec. Scott Bessent for his leadership on ensuring America’s small businesses aren’t harmed by the CTA. More must be done, however, to ensure the CTA doesn’t come back as political tides may turn. I believe firmly that a final decision from the U.S. Supreme Court on NSBA’s lawsuit over the CTA is the only surefire way to ensure this flawed policy doesn’t make a come-back.
“So while this fight is absolutely a major win we will take some time to celebrate, the battle continues.”
Click here for NSBA’s CTA Resource page.
Celebrating more than 85 years in operation, NSBA is a staunchly nonpartisan organization advocating on behalf of America’s entrepreneurs. NSBA's 65,000 members represent every state and every industry in the U.S. Please visit https://www.nsbaadvocate.org/ or follow us at @NSBAAdvocate.
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Contact:
Molly Day
202-552-2904
mday@NSBAadvocate.org