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.

Source

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