In a surprise announcement Sunday night, the  put out a press release that could save tens of millions of small businesses from being treated like financial criminals and risking jail time and massive financial penalties.



President Donald Trump and Treasury Secretary Scott Bessent (Getty Images/Photo illustration)

The release, titled, "Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act Against U.S. Citizens and Domestic Reporting Companies," looks to be providing a big win for Main Street.

As I have , the Corporate Transparency Act ("CTA") was vetoed by President  in his first administration, but Congress overrode the veto. Then, the Biden administration’s Treasury went into full government overreach mode.

The way that I and others interpret this, that means that U.S. small businesses and citizens will not have to file the CTA BOI with FinCEN and will not face any penalties. For tens of millions of small and private businesses, as well as housing association board members and others caught up in this mess, this is a big relief.

But for now, Main Street can count on one barrier broken down and small businesses can focus on thriving.



[](https://www.foxnews.com/video/6369025314112)

[](https://www.foxnews.com/video/6368524244112)







To ensure permanency (that is, so it doesn’t get put back in place in a future administration), small businesses need for Congress to codify that the CTA BOI rule should only apply to foreign reporting companies, so hopefully everyone will call their representatives and ask them to follow Treasury’s leadership.

But for now, Main Street can count on one barrier broken down and small businesses can focus on thriving.


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