This week the Treasury Department took the important step of finalizing its Corporate Transparency Act rules. While the move was cheered by the broader Main Street business community, a small contingent on social media has been spinning it as a “win for criminals.”

For example, here’s the start of a multi-part thread from former Congressman Tom Malinowski that’s laden with falsehoods:

The reality is that the CTA, as designed, does little to catch actual criminals, and instead penalizes millions of law-abiding business owners instead. Real criminals don’t self-report. Drug traffickers, money …

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Yesterday’s final rule eliminating BOI reporting requirements for US persons or entities is a big win, but the fight over the Corporate Transparency Act is far from settled. Congress is considering legislation that would provide permanent relief for Main Street, while the Supreme Court will decide soon whether to hear a constitutional challenge to the law.

On the other hand, proponents of this unprecedented information grab have not abandoned their cause and appear to be pursuing beneficial ownership reporting one industry at a time. For now, they’ve turned their attention to health care.

The Senate HELP Committee recently advanced …

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Good news for the lazy days of summer! The Trump Treasury Department has finalized its revised beneficial ownership information (BOI) reporting rule and committed to permanently deleting the sensitive personal data prematurely collected from millions of U.S. business owners. This is a significant victory for Main Street and the latest chapter in our years-long fight against the Corporate Transparency Act.

Treasury estimates the rule will generate $9 billion in annual compliance savings. That’s a huge sum, but it doesn’t account for the funds Main Street businesses have already spent trying to decipher this unnecessary rule. This reply to S-Corp ally …

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