From CNBC: 2024-12-09 08:28:55

Small businesses face penalties of $10,000+ if they don’t comply with new U.S. Treasury reporting requirement by year’s end. Many haven’t complied with the Corporate Transparency Act, which aims to curb illicit finance. About 32.6 million businesses must submit beneficial ownership info by Jan. 1, 2025.

Businesses must report beneficial owner info like name, birth date, address, and ID details. Companies created prior to 2024 must report by Jan. 1, 2025. Exceptions exist for businesses with over $5 million in sales and 20+ employees. Government received about 30% of expected filings so far.

Enforcement of BOI reporting rules temporarily blocked by federal court in Texas. Businesses should still file information despite injunction. Treasury will only penalize those who willfully violate reporting. Civil and criminal penalties apply if obligations are disregarded. FinCEN not focused on “gotcha enforcement.”

Read more: Treasury may fine small businesses up to $10,000 if they don’t file this report