Finance
Stocks making the biggest moves midday: INTC, WBA, NKE
Former U.S. Treasury Secretary Janet Yellen speaks to staff at the Financial Crimes Enforcement Network on Jan. 8, 2024 in Vienna, Virginia.
Samuel Corum | Getty Images News | Getty Images
The Treasury Department has set a new deadline of March 21 for millions of businesses to fulfill a new reporting requirement on “beneficial ownership information,” after a court order allowed the federal agency to start enforcing the measure.
The Corporate Transparency Act, which Congress enacted in 2021, requires small businesses to disclose the identity of people who directly or indirectly own or control the company. The measure aims to prevent criminals from hiding illicit activity conducted through shell companies or opaque ownership structures, according to the Treasury.
More from Personal Finance:
A 20% S&P 500 ‘three-peat’ is unlikely in 2025
Top-rated charities in jeopardy amid White House, DOGE cuts to foreign aid
These red flags can trigger an IRS tax audit
Businesses have suffered a degree of whiplash from the on-again-off-again deadlines to file BOI reports. A string of court orders had prevented the Treasury from enforcing the measure, only to then see courts strike down those rulings.
The U.S. District Court for the Eastern District of Texas on Feb. 18 lifted a nationwide injunction that had prevented the Financial Crimes Enforcement Network, known as FinCEN, which is part of the Treasury, from enforcing the Corporate Transparency Act.
Room for more delays?
The BOI reporting measure applies to about 32.6 million businesses, including certain corporations, limited liability companies and others, according to federal estimates.
Businesses and owners that don’t comply with reporting rules are potentially subject to civil penalties of up to $591 a day, adjusted for inflation. They could also face up to $10,000 in criminal fines and up to two years in prison.
FinCEN left the possibility of further delays on the table even as it extended its previous reporting deadline by 30 days.
“FinCEN will provide an update before then of any further modification of this deadline, recognizing that reporting companies may need additional time to comply with their BOI reporting obligations once this update is provided,” according to a Feb. 18 FinCEN notice.
FinCEN also said it would prioritize enforcement for businesses that “pose the most significant national security risks.”
High costs, economic worries have homebuyers retreating
PLTR, APP, SHAK, WMT and more
Trump backs $4.5 trillion tax cut in House GOP budget plan
New 2023 K-1 instructions stir the CAMT pot for partnerships and corporations
The Essential Practice of Bank and Credit Card Statement Reconciliation
Are American progressives making themselves sad?
-
Economics1 week agoDonald Trump wants states and cities to do as they are told
-
Economics7 days agoDefense stocks drop after Trump says Pentagon spending could be halved
-
Personal Finance1 week agoWholesale egg prices have ‘blown way past’ prior record
-
Economics1 week agoCut debt or face economic heart attack
-
Technology5 days agoReddit CEO Steve Huffman Unveils Monetization Strategy for 2025
-
Economics1 week agoPPI January 2025:
-
Leaders5 days agoAdebayo Ogunlesi – From Nigerian Roots to Global Financial Leadership
-
Blog Post5 days agoPower of Ratio Analysis in Business Performance Assessment