Tax

The announcement by Treasury and the IRS is a reversal from January regulations. Thursday’s notice provides immediate relief from penalties under Secs. 6707A(a), 6707(a), and 6708 for any failure by participants or material advisers to file disclosure statements required by the regulations.

The National Federation of Independent Business said in a letter to Treasury Secretary Scott Bessent that millions of beneficial ownership information (BOI) reports filed by domestic companies before the government dropped the BOI requirement should be destroyed.

The programs include one open to the workers with the most seniority and a renewal of the previous deferred resignation program.

“I’m just riding the government roller coaster,” says one worker, who lost her job in February, was placed on administrative leave in March, and plans to return to work later this month.

In a brief filed in the Eleventh Circuit, the federal government said the move to remove the beneficial ownership filing requirement for domestic companies does not affect the constitutionality of the Corporate Transparency Act.