The U.S. Treasury Department has pushed back the deadline for businesses to file a new 'beneficial ownership information' report by two weeks, citing legal challenges and the need for additional compliance time.
The U.S. Treasury Department delayed a Jan. 1, 2025, deadline to file a new ' beneficial ownership information' report by about two weeks, to Jan. 13.The requirement was created by the Corporate Transparency Act , which aims to curb illicit finance. The U.S. Treasury Department has delayed the deadline for millions of small businesses to Jan. 13, 2025, to file a new form, known as a Beneficial Ownership Information report.
The Treasury had initially required many businesses to file the report to the agency's Financial Crimes Enforcement Network, known as FinCEN, by Jan. 1. Noncompliance carries potential fines that could exceed $10,000. This delay comes as a result of legal challenges to the new reporting requirement under the Corporate Transparency Act. Businesses and owners that didn't comply would potentially face civil penalties of up to $591 a day, adjusted for inflation, according to FinCEN. They could also face up to $10,000 in criminal fines and up to two years in prison. However, many small businesses are exempt. For example, those with over $5 million in gross sales and more than 20 full-time employees may not need to file a report.The Treasury delayed the compliance deadline following a recent court ruling. A federal court in Texas on Dec. 3 had issued a nationwide preliminary injunction that temporarily blocked FinCEN from enforcing the rule. However, the 5th U.S. Circuit Court of Appeals reversed that injunction on Monday.'Because the Department of the Treasury recognizes that reporting companies may need additional time to comply given the period when the preliminary injunction had been in effect, we have extended the reporting deadline,' according to the FinCEN FinCEN didn't return a request from CNBC for comment about the number of businesses that have filed a BOI report to dat
Beneficial Ownership Corporate Transparency Act Fincen Reporting Deadline Illicit Finance
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