Posted on 12/10/2024 8:16:33 PM PST by SeekAndFind
* The Corporate Transparency Act of 2021 requires many businesses to report beneficial ownership information by Jan. 1, 2025, in an effort to curb crime through shell companies.
* About 32.6 million businesses are subject to the new BOI reporting, according to federal estimates.
* Individuals who “willfully” violate the requirement may be subject to fines of $10,000 or more and possible jail time.
* A federal court in Texas temporarily halted enforcement.
Small businesses and their owners could face penalties of $10,000 or more if they don't comply with a new U.S. Treasury Department reporting requirement by year's end — and evidence suggests many haven't yet complied.
The Corporate Transparency Act, passed in 2021, created the requirement. The law aims to curb illicit finance by asking many businesses operating in the U.S. to report beneficial ownership information to the Treasury's Financial Crimes Enforcement Network, also known as FinCEN.
Many businesses have a Jan. 1, 2025, deadline to submit an initial Beneficial Ownership Information Report.
This applies to about 32.6 million businesses, including certain corporations, limited liability companies and others, according to federal estimates.
The Treasury Department did not respond to CNBC's request for comment on the number of BOI reports that have been filed to date.
The data helps identify the people who directly or indirectly own or control a company, making 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.
“Corporate anonymity enables money laundering, drug trafficking, terrorism and corruption,” Treasury Secretary Janet Yellen said in a January announcement of the BOI portal launch.
(Excerpt) Read more at cnbc.com ...
Court Blocks Corporate Transparency Act — A Win For Federalism? Updated
"In Texas Top Cop Shop v Garland et al. (case 4:24-cv-00478 December 3, 2024) , the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act (CTA), questioning its constitutionality and its impact on small businesses."
It’s been halted. I don’t have a link, but last week a federal court shut it down.
President Trump and future Treasury Secretary Scott Bessant....
Eliminate this crap after January 20th, please.
ah yes the financial crimes law that exempts finace related companies
A “Cure” worse than the disease?
How many shell corps do the Bidens still have?
The data helps identify the people who directly or indirectly own or control a company, making it “harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures except for certain politically connected families.
Fair Tax.
The form is not hard to fill out and it gives the federal government no information that they do not already have. It is essentially useless for what they claim it is for.
Personally I regard it as a cash grab like most government actions.
Hey, someone’s gotta repay our coffers after Biden emptied them.
HILARIOUS-—CONSIDERING HUNTER & BIDEN FAMILY SET UP A NUMBER OF “SHELL COMPANIES”
BTTT
So CNBC puts out a story like this a week after this was blocked by a federal court. Unbelievable even for them. I guess the government is hoping that they can still gather information.
harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures,”
politicians past and present and thier families are excluded
If they really want to crack down on shell companies, they should investigate politicians and their so-called non-profit foundations.
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