There were several bills in Congress that, if passed, would alter or repeal the law, including House Resolution 125 and Senate Bill 100, the “Repeal the Big Brother Overreach Act.”
By Mary Hightower
U of Arkansas System Division of Agriculture
March 6, 2025
Fast facts:
- Treasury Department suspends CTA enforcement
- Treasury slated to propose new rules
- See Rumley’s article at Southern Ag Today
FAYETTEVILLE, Ark. — The reporting requirements of the Corporate Transparency Act — the anti-money laundering and tax evasion law that has been kicked around various federal courts — will no longer be enforced, the Treasury Department said.
In a statement issued March 2, the Treasury Department said “not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either.”
The department also said it would “be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only.”
Reporting required by the law began Jan. 1, 2024, and was expected to affect more than 32 million businesses, including more than 230,000 farm operations, according to the American Farm Bureau.
CTA background
Under the Corporate Transparency Act or CTA, most corporations, limited liability companies and similar entities were required to disclose their “beneficial owners”—individuals who own or control at least 25 percent of the business or exercise significant decision-making authority.
To read the full article, click here.