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.treasury.gov/news/press-releases/sb0038

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!

DISCLAIMER: Please note that the information contained in this article is general in nature, is current only as of the date of posting the respective information on the website, and does not (nor is intended to) provide legal or tax advice or an opinion on any matter or issue discussed. You should consult your qualified U.S. tax advisor for any advice on any matters or issues discussed in this article.