Dec 4, 12:41 PM

FinCEN's Beneficial Ownership Rule Faces Court Challenge, Deadline Looms

The Financial Crimes Enforcement Network (FinCEN) has introduced a new rule under the Corporate Transparency Act, requiring small and medium-sized business owners, particularly those with LLCs or corporations owning investment properties, to file Beneficial Ownership Information (BOI) reports by January 1, 2025. This rule, which has stirred controversy, aims to increase transparency in business ownership to combat financial crimes. However, it has been criticized for its compliance costs, which are largely borne by small businesses rather than larger corporations. Many business owners are unaware of this requirement, facing potential penalties or even prison time for non-compliance. The rule has been struck down in court, but the filing deadline remains, causing confusion and concern among business owners. The requirement is not tied to state compliance, adding to the complexity of adhering to the new regulation.

#Financial Crimes Enforcement Network #Corporate Transparency Act #Beneficial Ownership Information

Written with ChatGPT .

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FinCEN's Beneficial Ownership Rule Faces Court Challenge, Deadline Looms

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