US Treasury Suspends Enforcement of Corporate Transparency Act

The decision is part of President Donald Trump’s agenda to rein in burdensome regulations, said the Treasury secretary.

Treasury Secretary Scott Bessent arrives for a press conference with the U.S. president and Israel's prime minister in the East Room of the White House on Feb. 4, 2025. Jim Watson/AFP via Getty Images

The Department of the Treasury said it will no longer enforce an ownership reporting requirement that impacted an estimated 34 million small business owners.

The Corporate Transparency Act (CTA) was enacted in January 2021 and required most small businesses to share beneficial ownership information, meaning information about the identities of individuals with a significant ownership stake in the company.