Chairman Smith: Trump Administration Continues to Deliver Permanent Relief for Small Businesses
WASHINGTON, D.C. – The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) recently issued a final rule permanently ending the requirement for U.S. companies and individuals to report beneficial ownership information under the Corporate Transparency Act. Beneficial ownership information identifies the individuals who actually own or control a company, generally anyone holding 25 percent or more of a business or exercising substantial control over it. This is a reporting mandate small business owners have long identified as a costly, confusing paperwork burden that fell hardest on mom-and-pop shops and family-owned businesses rather than the criminal networks it was meant to target.
Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement:
“For years, small business owners have been buried under a reporting mandate that treated every family-owned shop and farm like a suspect in a financial crime. The Trump Administration has thankfully put an end to that for good. Now a small business owner in Missouri or anywhere else in the country can spend more of their time running their business instead of filing paperwork with the federal government just to prove they own it. Cutting red tape like this is exactly what America’s small businesses need, and I’m glad Secretary Bessent and President Trump delivered it.”
Background on new Treasury Department rule governing beneficial ownership reporting requirements:
- Makes permanent the enforcement pause on U.S. companies and individuals that Treasury first put in place in March 2025.
- Exempts U.S. persons who already have a FinCEN ID from needing to update or correct that information.
- Deletes beneficial ownership data already submitted by U.S. persons from FinCEN’s database.
- Keeps in place the requirement for foreign companies to report beneficial ownership information for foreign individuals.
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