Small businesses face new deadline as court lifts injunction on ownership reporting rule

Treasury sets March 21 deadline for millions of businesses to report ownership information or risk fines of $10,000 or more

The Treasury set a March 21 deadline to report "beneficial ownership information" after a Texas court lifted a block on enforcement.

Small businesses face new deadline as court lifts injunction on ownership reporting rule

After months of legal battles, small-business owners now face a ticking clock on ownership reporting.

FinCEN Sets New Deadline and Teases Future Leniency With CTA

The Financial Crimes Enforcement Network also dangled a carrot in front of smaller enterprises.

FinCEN Offers Extra Time To File After Court Reinstates Beneficial Ownership Information (BOI) Reporting Requirements

A court in the Eastern District of Texas has reinstated beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA).

Beneficial ownership information reporting is back

Small-business owners are back on the hook to file a beneficial ownership information report, with the deadline likely to be reset to one month. On Monday, Feb. 17, a Texas federal district court judge lifted a pause on the Corporate Transparency Act as the Department of Treasury appeals the decision in the Smith v. Treasury Department case. That effectively puts the beneficial ownership information reporting requirement back into play. As of pr…

Treasury sets March 21 deadline for business ownership reporting amid legal uncertainty

The Treasury Department has set a new deadline of March 21 for millions of businesses to comply with a reporting requirement under the Corporate Transparency Act (CTA) after a court ruling allowed enforcement to proceed. The measure, designed to prevent financial crimes, mandates that businesses disclose information about individuals who own or control them. Congress enacted the CTA in 2021 to curb illicit activities conducted through shell comp…