US Treasury To Cease Enforcement Of Corporate Transparency Act The US Treasury Department announced a major policy change on March 2 saying it will not enforce the Corpo- rate Transparency Act (CTA) against beneficial owners or domestic companies and will narrow the scope of the rule to foreign reporting companies instead. In the interest of “hard-working American taxpayers and small businesses,” the Treasury said it will not be enforcing any penalties or fines against US citizens or domestic companies under the existing regulatory dead- lines, previously set by FinCEN for March 21, after the rule changes take effect. “This is a victory for common sense,” said U.S. Secre- tary of the Treasury Scott Bessent. “Today’s action is part of President Trump’s bold agenda to unleash American prosperity by reining in burdensome regulations, in par- ticular for small businesses that are the backbone of the American economy.” The CTA was signed into law in 2021 and targets indi- viduals who “seek to conceal their ownership of corpora- tions, limited liability companies, or similar entities in the US to facilitate illicit activity, including money laundering, the financing of terrorism, proliferation financing, serious tax fraud, human and drug trafficking, counterfeiting, pi- racy, securities fraud, financial fraud and acts of foreign
corruption harming the national security interests of the United States.” Those critical of the CTA beneficial ownership rule have cited compliance costs, lack of awareness of the require- ments for small businesses, and costly penalties. Others have declared in lawsuits that CTA is unconstitutional. ‘How to Maximize Labor and Machine Efficiency’ Webinar Set For April 2 AICC, The Independent Packaging Association, announc- es open registration for a free webinar on, “How to Maxi- mize Labor and Machine Efficiency,” set for 2:00 p.m. East- ern on April 2. The webinar will show you how an integrated, automat- ed solution can help you streamline your factory floor by automatically assigning tasks to work orders, minimizing manual data entry and errors, and more. Speakers are Wayne Stocks, a software engineer, and Sharon DiRe, a senior product marketing manager for Ad- vantive’s packaging and manufacturing solutions. Wayne has worked for Kiwiplan for 32 years in a variety of roles, including QA Manager, Supply Chain Manager, Develop- ment Manager, Product Manager, and Software Engineer. Sharon has more than 15 years in the marketing field with extensive experience in researching and assessing indus- try and market trends. To register, visit aiccbox.org .
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