Beneficial ownership information reports to federal government no longer required

Aug 17, 2026

The U.S. Treasury Department on Aug 11 announced it would no longer require reports from U.S. businesses under the Corporate Transparency Act.

Congress enacted the CTA in 2021 to require businesses to disclose full legal names and the identities of all owners with more than 25% of controlling interest in the entity. Congress said the requirements were necessary to unmask shell companies run by illicit actors.

Response from the business community was negative, as the reporting requirements were considered onerous and time-consuming.

The Treasury Department said it is no longer seeking compliance with CTA. It announced it would purge previously submitted data from U.S. persons from its database.

The requirements remain for foreign reporting companies.

The announcement is linked here: https://home.treasury.gov/news/press-releases/sb0603