In a significant move, the US Treasury Department has announced the suspension of enforcement of the Corporate Transparency Act (CTA) and related Beneficial Ownership Information (BOI) reporting requirements against US citizens and domestic reporting companies. This decision means that fines and penalties will not be imposed for failing to meet reporting deadlines, which provides relief for many small businesses and firms. The new deadline for filing BOI reports has been set for March 21. In light of this development, various stakeholders, including former President Trump, have voiced their approval, labeling the earlier rules as detrimental to small business operations.