Hi Again Fellow Synergists and CV Owners!
I have great news for you!
This is coming from the new Trump Administration’s US Department of Treasury. As of Sunday, March 02, 2025, the Department of treasury announced it will not be enforcing the penalties or fines associated with the Biden-era BOIR reporting requirements for millions of domestic businesses.
In a nutshell, the Trump administration has decided to eliminate any penalties as a result of enforcement of the reporting requirements. They also plan to change the regulation so that it applies only to foreign businesses, not domestic ones.
Here’s the actual news release from the U.S. Department of Treasury:
https://home.treasury.gov/news/press-releases/sb0038
Here’s the substance of the actual article on CNBC:
The BOIR was enacted via the Corporate Transparency Act in 2021 to fight illicit finance and shell company formations. BOI reporting require small businesses to identify who directly or indirectly owns or controls the company to the treasury’s Financial Crimes Enforcement Network, known as FinCEN.
After several previous court delays, if you remember, the US Treasury department in late February city March 21 deadline to comply or risk civil penalties of up to $591 a day adjusted for inflation, or criminal fines up to $10,000 and up to 2 years in prison. These reporting requirements could apply to roughly 32,600,000 businesses.
The rule was created to “make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other ownership structures,” according to FinCEN.
In addition to not enforcing the BOIR penalties and fines, Treasury said it would issue a proposed regulation to apply the rule ONLY to apply to foreign reporting companies.
President Donald Trump praised the news any Truth Social post-on Sunday night, describing the reporting role as quote outrageous and invasive” and “an absolute disaster” for small businesses.
Please tell all your friends and neighbors about the new decision made by the US Department of Treasury. Stay tuned for additional news regarding the upcoming move to change the requirement from domestic reporting to only Foreign Company reporting requirements.
If you found this information helpful, please feel free to vote for me for Vice President this coming Friday, March 7, at the Main Clubhouse, from 8 AM – 9:30 AM. This is an example of the forward thinking and fast news breaking you’ll get from me, along with all of that great educational information that I provide to the Synergy Club every month! 🙂
