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Treasury again delays the beneficial ownership reporting deadline for small businesses

The U.S. Department of the Treasury has once again postponed the deadline for small businesses to comply with the Corporate Transparency Act's beneficial ownership reporting requirements. Originally set for January 1, 2024, the deadline has been extended to January 1, 2025, providing small businesses with an additional year to report beneficial ownership information to FinCEN. This delay aims to give businesses more time to understand and comply with the new regulations, which are designed to combat financial crimes like money laundering by increasing transparency about who ultimately owns or controls companies. The extension reflects the complexity of the new rules and the need for businesses to adequately prepare, especially given the potential penalties for non-compliance.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/other/treasury-again-delays-the-beneficial-ownership-reporting-deadline-for-small-businesses/ar-AA1wI4r7 ]