The U.S. Department of Treasury Update

The U.S. Department of Treasury suspends the enforcement of the Corporate Transparency Act ..

  The U.S. Depart­ment of Trea­sury sus­pends the enforce­ment of the Cor­po­rate Trans­paren­cy Act against U.S. cit­i­zens and domes­tic report­ing com­pa­nies. This is a great step in the right direc­tion that will help many busi­ness­es, espe­cial­ly small busi­ness­es, avoid bur­den­some, unnec­es­sary, and cost­ly process of Ben­e­fi­cial Own­er­ship Inter­est (BOI) report­ing. This recent action by the Trea­sury is con­sis­tent with the over­all goal of Trump Admin­is­tra­tion to get rid of bur­den­some reg­u­la­tions and red tape. See here: https://​home​.trea​sury​.gov/​n​e​w​s​/​p​r​e​s​s​-​r​e​l​e​a​s​e​s​/​s​b​0​038 Look­ing ahead, there’s hope for even more pos­i­tive devel­op­ments. If Pres­i­dent Trump fol­lows through on his pledge to end dou­ble tax­a­tion for U.S. expats liv­ing or doing busi­ness abroad (Over­seas Amer­i­cans), it could be a game-chang­er for many U.S. cit­i­zens and Green card hold­ers who are sub­ject to over­ly com­pli­cat­ed U.S. inter­na­tion­al tax rules and tax com­pli­ance. What are your thoughts on these devel­op­ments? Let’s dis­cuss how this could impact busi­ness­es and expats alike!

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