Reporting relief is a major victory, but the Corporate Transparency Act remains law.
WASHINGTON, D.C. — The National Small Business Association (NSBA) welcomed Treasury’s Aug. 11 announcement ending Corporate Transparency Act (CTA) beneficial ownership reporting requirements for U.S. companies and U.S. persons, while calling for lasting protections against the law’s burdens.
The final rule builds on exemptions established in March 2025. Treasury’s Financial Crimes Enforcement Network (FinCEN) also announced that it will delete previously reported information from now-exempt U.S. persons. Certain foreign companies remain subject to reporting requirements.
NSBA President and CEO Todd McCracken issued the following statement:
“This is a major victory for America’s small businesses. I applaud Secretary Scott Bessent and this administration for recognizing the burden this reporting regime placed on entrepreneurs trying to build businesses, create jobs and serve their communities.
“NSBA has fought this flawed policy across three administrations. Ending reporting requirements for U.S. companies and deleting previously submitted information are meaningful steps that deserve recognition.
“But regulatory relief does not repeal the law. The CTA remains on the books, and small-business owners deserve certainty that these burdens will not return under a future administration.
“We will celebrate this progress while continuing to pursue lasting protections through our legal challenge and our work with Congress. Our goal remains the same: end the CTA’s burdens on America’s small businesses for good.”
For background and updates, visit NSBA’s CTA Resource page.
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About NSBA
Celebrating more than 85 years of advocacy, NSBA is a staunchly nonpartisan organization representing America’s entrepreneurs. Its 65,000 members span every state and every industry. Learn more at nsbaadvocate.org or follow @NSBAAdvocate.
Media Contact:
Molly Day
202-552-2904
mday@NSBAadvocate.org
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