U.S. Treasury Department suspends enforcement of Corporate Transparency Act

SOURCE www.foxnews.com
The U.S. Treasury Department announces the suspension of enforcement of the Corporate Transparency Act against U.S. citizens and domestic reporting companies, providing relief to small businesses. Treasury Secretary Scott Bessent discusses how this will reduce government spending and shares his views on President Trump's tariff policies.

Key Points

  • Suspension of enforcement of Corporate Transparency Act benefits small businesses
  • Treasury Secretary Scott Bessent emphasizes support for Main Street
  • Focus on unleashing American prosperity by reducing regulations

Pros

  • Provides relief to small businesses from burdensome regulations
  • Supports Main Street and American taxpayers
  • Prevents penalties for non-filing or incorrect filing

Cons

  • Potential future challenges with reinstating the rule
  • Dependence on Congress to codify the rule