News Alert! Treasury Department May Fine Small Businesses Missing B.O.I. Report
Small businesses and their owners could face penalties of $10,000 or more if they don’t comply with a new U.S. Treasury Department reporting requirement by year’s end — and evidence suggests many haven’t yet complied. The Corporate Transparency Act, passed in 2021, created the requirement. The law aims to curb illicit finance by asking many businesses operating in the U.S. to report beneficial ownership information to the Treasury’s Financial Crimes Enforcement Network, also known as FinCEN.
Many businesses have a Jan. 1, 2025, deadline to submit an initial Beneficial Ownership Information Report. This applies to about 32.6 million businesses, including certain corporations, limited liability companies and others, according to federal estimates. The Treasury Department did not respond to CNBC’s request for comment on the number of BOI reports that have been filed to date…
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