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American Focus > Blog > Economy > Treasury may fine small businesses $10,000 if they don’t file this report
Economy

Treasury may fine small businesses $10,000 if they don’t file this report

Last updated: December 9, 2024 8:05 am
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Treasury may fine small businesses ,000 if they don’t file this report
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The U.S. Treasury Department has implemented a new reporting requirement that could have significant consequences for small businesses and their owners. Failure to comply with this requirement by the end of the year could result in penalties of $10,000 or more. The Corporate Transparency Act, passed in 2021, is aimed at combating illicit finance by mandating that businesses operating in the U.S. report beneficial ownership information to the Treasury’s Financial Crimes Enforcement Network (FinCEN).

Businesses have until January 1, 2025, to submit an initial Beneficial Ownership Information Report. This requirement applies to approximately 32.6 million businesses, including certain corporations, limited liability companies, and others. The purpose of collecting this data is to identify individuals who directly or indirectly own or control a company, making it more difficult for bad actors to hide or benefit from illegal activities through opaque ownership structures.

Noncompliance with the reporting requirement could result in civil penalties of up to $591 per day, criminal fines of up to $10,000, and up to two years in prison. This has raised concerns among small business owners, as the financial implications could be devastating. Despite outreach efforts to raise awareness about the reporting requirement, many businesses have not yet filed the necessary reports.

A beneficial owner is defined as a person who owns at least 25% of a company’s ownership interests or has substantial control over the entity. Businesses are required to report information about their beneficial owners, including names, birth dates, addresses, and identification details. There are exceptions to the requirement for businesses with more than $5 million in gross sales and more than 20 full-time employees.

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While the enforcement of the reporting rules has been temporarily blocked by a federal court in Texas, businesses are still encouraged to file their information to meet the deadline. The Treasury Department has indicated that penalties will only be imposed on those who willfully violate the reporting requirements. The agency aims to work with businesses to ensure compliance and avoid penalties, recognizing that this is a new requirement for many.

Overall, small businesses and their owners need to be aware of the reporting deadline and take the necessary steps to comply with the Corporate Transparency Act to avoid potential penalties and legal consequences.

TAGGED:businessesDontFileFinereportSmallTreasury
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