New deadline for businesses to report ownership information is it time to prepare for potential fines

The Treasury Department sets a deadline of March 21 for businesses to report ownership information under the Corporate Transparency Act. This act requires small businesses to disclose their beneficial owners to prevent illegal activities linked to anonymous shell companies. The U.S. District Court for the Eastern District of Texas lifted an injunction, allowing the Financial Crimes Enforcement Network (FinCEN) to enforce these regulations, which impact around 32.6 million entities. Non-compliance may lead to civil penalties up to $591 per day, fines up to $10,000, and prison sentences of up to two years. FinCEN may adjust reporting deadlines, extending the latest one by 30 days, and prioritize enforcement for businesses posing national security risks.

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