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Beneficial ownership filings due March 21
A recent court decision has lifted an injunction that halted the requirement to file beneficial ownership information to the Financial Crimes enforcement Network (FinCEN). A deadline for filings is March 21, 2025.
The filings are mandated for nearly all companies by the Corporate Transparency Act, a bipartisan law enacted to curb illicit finance by supporting law enforcement efforts. The act requires many small businesses to report basic information to the Federal government about the real people who ultimately own or control them.
Previously, companies have not been required to file the beneficial ownership reports due to litigation, but with the injunction lifted, the agency has set the March 21 deadline for compliance. Those in certain areas may have later filing deadlines as determined due to natural disasters; visit https://fincen.gov/boi for more information.
Willfully failing to file the beneficial ownership information can result in penalties of $592 per day along with criminal penalties of two years in prison and a $10,000 fine, according to the department's website.
Although its outcome is uncertain, H.R. 736 has been passed by the U.S. House of Representatives that would delay the reporting deadline to Jan. 1, 2026.
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