From CNBC: 2024-12-30 11:23:14

Janet Yellen tours FinCEN, U.S. Treasury delays small business deadline for beneficial ownership info after court order suspends enforcement. Uncertainty surrounds new deadline, businesses aren’t required to file reports or face liability. Federal government uses BOI data to prevent illicit activity via shell companies, applies to 32.6 million businesses.

Small businesses face legal whiplash as Treasury Department delays BOI reporting requirement enforcement. Federal court in Texas blocked rules, then lifted injunction, only for a different panel to reinstate it. Businesses not obligated to file reports until injunction lifted, creating uncertainty for owners.

Read more: Treasury delays beneficial ownership reporting deadline for small businesses