• Economy
  • Investing
  • Editor’s Pick
  • Stock
Evil Shark Trades
Stock

Treasury Dept. will not enforce ownership information reporting for millions of businesses

by March 4, 2025
by March 4, 2025

The U.S. Department of the Treasury on Sunday announced it won’t enforce the penalties or fines associated with the Biden-era “beneficial ownership information,” or BOI, reporting requirements for millions of domestic businesses. 

Enacted via the Corporate Transparency Act in 2021 to fight illicit finance and shell company formation, BOI reporting requires small businesses to identify who directly or indirectly owns or controls the company to the Treasury’s Financial Crimes Enforcement Network, known as FinCEN.

After previous court delays, the Treasury in late February set a March 21 deadline 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.     

The rule was enacted to “make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures,” according to FinCEN.

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. 

President Donald Trump praised the news in a Truth Social post on Sunday night, describing the reporting rule as “outrageous and invasive” and “an absolute disaster” for small businesses.

Other experts say the Treasury’s decision could have ramifications for national security.

“This decision threatens to make the United States a magnet for foreign criminals, from drug cartels to fraudsters to terrorist organizations,” Scott Greytak, director of advocacy for the anticorruption organization Transparency International U.S., said in a statement.

— Greg Iacurci contributed to this article.

This post appeared first on NBC NEWS
0 comment
0
FacebookTwitterPinterestEmail

previous post
AG Pam Bondi says FBI delivered ‘truckload’ of Epstein files after she put out hard deadline
next post
Trump to deliver first address of his second term to joint session of Congress

You may also like

Amazon extends Prime Day discounts to 4 days...

Boeing delivers most airplanes since late 2023 after...

Waymo offers teen accounts for driverless rides

Is a Chinese chain’s blood orange cold brew...

Essence Fest leads a summer of events for...

Tariffs and weaker beer demand are weighing on...

Microsoft laying off about 9,000 employees in latest...

As his feud with Trump reignites, Musk’s business...

Apple sues former Vision Pro employee for allegedly...

Lululemon sues Costco over selling alleged dupes

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.






    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    Recent Posts

    • ‘Gut check time’: Dissent among Senate GOP ranks threatens to reduce Trump’s spending cut demand
    • New book reveals what Obama and ‘conqueror’ Trump chatted about in viral moment during Carter’s funeral
    • Trump cautioned Putin he would ‘bomb the s—‘ out of Moscow if Russia invaded Ukraine, new book claims
    • I worked for the most successful third party in decades. Elon Musk has a lot to learn from it
    • Trump taps Sean Duffy to serve as interim NASA chief

    Categories

    • Economy (6,609)
    • Editor's Pick (3,862)
    • Investing (2,826)
    • Stock (1,369)
    Email Whitelisting About Us Terms & Conditions Privacy Policy Contact Us

    Disclaimer: Evilsharktrades.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 EvilSharkTrades.com


    Back To Top
    Evil Shark Trades
    • Economy
    • Investing
    • Editor’s Pick
    • Stock