Treasury Department may fine small businesses $10,000 or more if they don't file this new report

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Treasury Department may fine small businesses $10,000 or more if they don't file this new report

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Treasury Department may fine small businesses $10,000 or more if they don't file this new report

//business-finance.news-articles.net/content/202 .. -or-more-if-they-don-t-file-this-new-report.html

Published in Business and Finance on Tuesday, December 10th 2024 at 0:20 GMT by MSN
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

The Corporate Transparency Act requires many businesses to file data about their "beneficial owners" by Jan. 1. But the rule is being challenged in court.

The U.S. Treasury Department has introduced a new rule requiring small businesses to file a Beneficial Ownership Information (BOI) report to combat financial crimes like money laundering and terrorism financing. This rule, part of the Corporate Transparency Act, mandates that businesses disclose the identities of their beneficial owners to FinCEN. Non-compliance could result in severe penalties, including fines of $500 per day up to a maximum of $10,000, and potential jail time of up to two years. The rule aims to increase transparency and prevent the misuse of shell companies, with exemptions for certain regulated entities. Small business owners are urged to understand and comply with these new requirements to avoid significant financial and legal repercussions.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/other/treasury-department-may-fine-small-businesses-10-000-or-more-they-don-t-file-this-new-report/ar-AA1vx99U ]

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