Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act Against U.S. Citizens and Domestic Reporting Companies
The Trump administration has filed a proposed rule that would not require companies organized in the U.S. to file beneficial ownership information under the Corporate Transparency Act. In addition, the Treasury Department will not be enforcing the current beneficial ownership reporting requirements.
This means that Nebraska farms, ranches and main street businesses will no longer be required to submit information regarding individuals with major roles in their business. This applies to both existing businesses and new businesses established as corporations, limited liability companies, or limited trusts in Nebraska.
The proposed rule is open for comment for 60 days. For the press release announcing the beneficial ownership reporting program changes, go to https://home.treasury.gov/news/press-releases/sb0038 For the proposed rule itself, go to https://fincen.gov/resources/statutes-regulations/federal-register-notices/beneficial-ownership-information-3
Prior requirements under the Corporate Transparency Act were explored in this article from the Center for Agricultural Profitability, published in November 2024.
