Treasury Department may fine small businesses up to $10,000 if they don’t file this new report

Treasury Department may fine small businesses up to ,000 if they don’t file this new report


Key Points
  • The Corporate Transparency Act requires many businesses to report “beneficial ownership information” by Jan. 1, 2025, in an effort to curb crime through shell companies.
  • About 32.6 million businesses are subject to the new BOI reporting, according to federal estimates.
  • Individuals that “willfully” violate the requirement may be subject to fines of $10,000 or more and possible jail time.
  • A Texas court temporarily halted enforcement, for now.



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