BOI (Beneficial Ownership Information) Filing is Officially TERMINATED (Uncut) 03-04-2025

BOI Filing is Officially TERMINATED — Treasury Confirms It’s Over!

I just want to say thank you so much for your support, especially to those that helped spread the word on X. So as I said in my previous video, if we stand together collectively, then we cannot be ignored. So the Corporate Transparency Act is effectively dead on arrival. The Treasury Department will not enforce the BOI filing.

So if you haven’t filed your BOI report, you don’t need to. Now I want to clarify a few things for you and then I’ll give you some closure. So the Corporate Transparency Act passed in January of 2021.

It required small businesses to report their personal information to the Financial Crimes Enforcement Network. So they asked over 50 questions and for a copy of your driver’s license or your passport. And any time that you make changes to your business regarding this information, you had to report it to them.

And if you didn’t comply, then they could penalize you up to $10,000 and two years in prison. So this is directly from their website. And what’s crazy is that the politicians that passed this, they called this a big anti-money laundering efforts.

But these were the industries that were exempt from reporting. So take a look at the list. Banks, government-related entities, money service businesses, broker dealers, venture capital funds, pooled investment vehicles, and any business that makes over $5 million, which essentially meant that this was targeting small businesses.

Now this was being challenged in courts and there was back and forth on whether this was constitutional or not. So it even made it up to the Supreme Court. In the meantime, President Trump and Elon Musk, who are supposed to be champions of deregulation, were absolutely silenced, not a peep.

So I took matters into my own hands. On February 24th, I called out President Trump and Elon Musk. I asked for your help to share this message over 2,000 people did.

And we got the movements going. So on March 1st, someone on the X platform asked Elon Musk to stop this BOI filing and Musk replied that he’ll look into it. And by March 2nd, the word got to President Trump.

So this is what President Trump posted. He said, exciting news. The Treasury Department has announced that they are suspending all enforcement of the outrageous and invasive Beneficial Ownership Information, BOI, reporting requirements for US citizens.

The Biden rule has been an absolute disaster for small businesses nationwide. Furthermore, Treasury is now finalizing an emergency regulation to formally suspend this rule for American businesses. The economic menace of BOI reporting will soon be no more.

And now I want to show you this. So here’s what the Treasury Department has officially announced on March 2nd. With respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines, but it will not enforce any penalties or fines against US citizens after rule changes take effect either.

So the Treasury Department will narrow the scope of the rule to foreign companies only. Treasury takes this step in the interest of supporting hardworking American taxpayers and small businesses. And here’s a quote from Treasury Secretary Scott Besant.

This is a victory for common sense. Today’s action is part of President Trump’s bold agenda to unleash American prosperity by reining in burdensome regulations, in particular for small businesses that are the backbone of the American economy. So listen, I just want to end with this.

I just want to say sincerely, thank you so much for contributing to helping produce this outcome. I believe that this is the way it should be. We don’t want to see further government overreach.

And as I said, collectively, we will be heard. So thank you again for your support, and I’m happy to see that this is finally over.