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.
