Trump administration suspends enforcement of beneficial ownership reporting

This week, the Trump administration announced it will be suspending enforcement of the Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting requirements that were set to take effect on March 21, 2025.

As a result, U.S. small businesses that were subject to the CTA’s reporting requirements will no longer be required to file BOI reports to the U.S. Treasury Department by the March 21 deadline. The Treasury Department stated they will be further evaluating the CTA regulations and announcing next steps later this month.

The Trump administration’s announcement is a win for small businesses and the demolition industry. Last month, NDA urged policymakers to delay the CTA’s reporting requirements due to a lack of clarity from the Treasury Department on the law’s requirements and to ensure small businesses were not held liable for confusing and complex regulations.

Prior to this week’s announcement, any U.S. company with less than 20 full time employees and/or less than $5 million in gross receipts was required to file a beneficial ownership information report with the Treasury Department. NDA will be sure to keep members updated on the Trump administration’s future actions as it pertains to the CTA’s reporting requirements.