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Treasury scraps reporting rule for U.S. small business owners

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The Treasury Department issued a rule that significantly waters down the number of businesses that must report information about their owners.
The U.S. Treasury Department has decided to eliminate a proposed rule that would have required small business owners to report their transactions to the government. This decision was influenced by feedback from small business owners and tax professionals who argued that the rule would impose an excessive administrative burden. The rule was initially part of an effort to enhance tax compliance and reduce the tax gap, but it faced significant opposition due to concerns over privacy and the potential for increased regulatory oversight. The Treasury's move to scrap the rule aims to alleviate these concerns, providing relief to small businesses by reducing compliance costs and simplifying their financial reporting obligations.

Read the Full CNBC Article at:
[ https://www.msn.com/en-us/money/markets/treasury-scraps-reporting-rule-for-us-small-business-owners/ar-AA1BDO8W ]