Corporate Transparency Act Enforcement

This is a Texas news story, published by CNBC, that relates primarily to FinCEN news.

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Corporate Transparency Act

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Financial Crimes Enforcement Network

CNBC

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

Summary

Nutrition label

88% Informative

Corporate Transparency Act requires businesses to report "beneficial ownership information" by Jan. 1, 2025 .

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.

" FinCEN understands this is a new requirement," it said in an FAQ . "If you correct a mistake or omission within 90 days of the deadline for the original report, you may avoid being penalized. However, you could face civil and criminal penalties if you disregard your beneficial ownership information reporting obligations.".

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Informative language

Neutral language

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formal

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English

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not offensive

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not hateful