Corporate Transparency Act now in effect for small businesses, deadline looms
After facing numerous injunctions and blocks on the national level, previously blocked Beneficial Ownership Information, BOI, reports must be filed by March 21, 2025.
ENJJPT program at Sheppard Air Force Base molding lives of future pilots
The CTA was put in place to stop organized crime by the Financial Crimes Enforcement Network, FinCEN, but some small business owners believe it's government overreach.
Just because of the heavy reach down, you know, into the weeds of everybody in the company, there's a lot of people that don't want to give out that information,' Next Level Golf Joe Shaffer said in a January interview.
If reporting companies don't file, they will face a nearly $600 daily fine and up to $10,000 in other fees.
FinCEN's website says, though, that it expects to revise reporting rules to lower burdens for small businesses, but no other information has been released.
To see if your small business is included in the requirement, visit FinCEN's website.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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