{"id":15580,"date":"2025-03-04T06:00:34","date_gmt":"2025-03-04T06:00:34","guid":{"rendered":"https:\/\/businesstriumphs.com\/index.php\/2025\/03\/04\/treasury-dept-will-not-enforce-ownership-information-reporting-for-millions-of-businesses\/"},"modified":"2025-03-04T06:00:34","modified_gmt":"2025-03-04T06:00:34","slug":"treasury-dept-will-not-enforce-ownership-information-reporting-for-millions-of-businesses","status":"publish","type":"post","link":"https:\/\/businesstriumphs.com\/index.php\/2025\/03\/04\/treasury-dept-will-not-enforce-ownership-information-reporting-for-millions-of-businesses\/","title":{"rendered":"Treasury Dept. will not enforce ownership information reporting for millions of businesses"},"content":{"rendered":"<p class=\"body-graf\">The U.S. Department of the Treasury on Sunday announced it\u00a0won\u2019t enforce the penalties\u00a0or fines associated with the Biden-era \u201cbeneficial ownership information,\u201d or BOI,\u00a0reporting requirements\u00a0for millions of domestic businesses.\u00a0<\/p>\n<p class=\"body-graf\">Enacted via the Corporate Transparency Act in 2021 to fight illicit finance and shell company formation,\u00a0BOI reporting\u00a0requires small businesses to identify who directly or indirectly owns or controls the company to the Treasury\u2019s Financial Crimes Enforcement Network, known as FinCEN.<\/p>\n<div><\/div>\n<p class=\"body-graf\">After previous court delays, the Treasury in late February\u00a0set a March 21\u00a0deadline to comply or risk civil penalties of up to $591 a day, adjusted for inflation, or criminal fines of up to $10,000 and up to two years in prison. The reporting requirements could apply to roughly 32.6 million businesses, according to federal estimates.\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<p class=\"body-graf\">The rule was enacted to \u201cmake it harder for bad actors to hide or benefit from their ill-gotten gains\u00a0through shell companies\u00a0or other opaque ownership structures,\u201d according to FinCEN.<\/p>\n<p class=\"body-graf\">In addition to not enforcing BOI penalties and fines, the Treasury said it would issue a proposed regulation to apply the rule to foreign reporting companies only.\u00a0<\/p>\n<p class=\"body-graf\">President\u00a0Donald Trump\u00a0praised the news in a\u00a0Truth Social post\u00a0on Sunday night, describing the reporting rule as \u201coutrageous and invasive\u201d and \u201can absolute disaster\u201d for small businesses.<\/p>\n<p class=\"body-graf\">Other experts say the Treasury\u2019s decision could have ramifications for national security.<\/p>\n<p class=\"body-graf\">\u201cThis decision threatens to make the United States a magnet for foreign criminals, from drug cartels to fraudsters to terrorist organizations,\u201d Scott Greytak, director of advocacy for the anticorruption organization Transparency International U.S., said in a statement.<\/p>\n<p class=\"body-graf\">\u2014\u00a0<em>Greg Iacurci contributed to this article.<\/em><\/p>\n<\/p>\n<div>This post appeared first on NBC NEWS<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Department of the Treasury on Sunday announced it\u00a0won\u2019t enforce the penalties\u00a0or fines associated with the Biden-era \u201cbeneficial ownership information,\u201d or BOI,\u00a0reporting requirements\u00a0for millions of domestic businesses.\u00a0 Enacted via the Corporate Transparency Act in 2021 to fight illicit finance and shell company formation,\u00a0BOI reporting\u00a0requires small businesses to identify who directly or indirectly owns or [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":15581,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-15580","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/15580","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=15580"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/15580\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/15581"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=15580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=15580"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=15580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}