Free Republic

KEY POINTS * 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...