• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Stock

Treasury Dept. will not enforce ownership information reporting for millions of businesses

by March 4, 2025
written by March 4, 2025

The U.S. Department of the Treasury on Sunday announced it won’t enforce the penalties or fines associated with the Biden-era “beneficial ownership information,” or BOI, reporting requirements for millions of domestic businesses. 

Enacted via the Corporate Transparency Act in 2021 to fight illicit finance and shell company formation, BOI reporting requires small businesses to identify who directly or indirectly owns or controls the company to the Treasury’s Financial Crimes Enforcement Network, known as FinCEN.

After previous court delays, the Treasury in late February set a March 21 deadline to comply or risk civil penalties of up to $591 a day, adjusted for inflation, or criminal fines of up to $10,000 and up to two years in prison. The reporting requirements could apply to roughly 32.6 million businesses, according to federal estimates.     

The rule was enacted to “make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures,” according to FinCEN.

In addition to not enforcing BOI penalties and fines, the Treasury said it would issue a proposed regulation to apply the rule to foreign reporting companies only. 

President Donald Trump praised the news in a Truth Social post on Sunday night, describing the reporting rule as “outrageous and invasive” and “an absolute disaster” for small businesses.

Other experts say the Treasury’s decision could have ramifications for national security.

“This decision threatens to make the United States a magnet for foreign criminals, from drug cartels to fraudsters to terrorist organizations,” Scott Greytak, director of advocacy for the anticorruption organization Transparency International U.S., said in a statement.

— Greg Iacurci contributed to this article.

This post appeared first on NBC NEWS
0 comment
0
FacebookTwitterPinterestEmail

previous post
AG Pam Bondi says FBI delivered ‘truckload’ of Epstein files after she put out hard deadline
next post
Trump to deliver first address of his second term to joint session of Congress

related articles

Target is eliminating 1,800 corporate jobs as it...

October 24, 2025

X-ray tables, hidden cameras: The tech in rigged...

October 24, 2025

Travis Kelce part of investor group aiming to...

October 24, 2025

Trump’s Argentina beef import plan will harm U.S....

October 23, 2025

Customers sue sneaker company On over shoes that...

October 20, 2025

Giorgio Armani group names longtime executive Giuseppe Marsocci...

October 17, 2025

LendingTree founder and CEO Doug Lebda dies in...

October 15, 2025

UPS is ‘disposing of’ U.S.-bound packages over customs...

October 13, 2025

China outlines more controls on exports of rare...

October 10, 2025

Paramount acquires Bari Weiss’ The Free Press, naming...

October 7, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • 6 Dem-supporting billionaires Biden didn’t mention while calling out political ‘oligarchy’

    January 16, 2025
  • Russia sounds off on Trump’s threat to retake the Panama Canal

    January 21, 2025
  • Jesper Koll eyes Japanese stocks amid market sell-off: Here’s why

    August 5, 2024
  • Trump administration prevails as appeals court pauses lower court decision blocking contested tariffs

    June 11, 2025
  • Vance, conservatives blast Omar over resurfaced ‘fearful of White men’ clip: ‘Genocidal language’

    May 6, 2025

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 3

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 4

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (6,577)
  • Investing (634)
  • Stock (945)

Latest Posts

  • Kash Patel’s confirmation as Trump FBI pick ‘will haunt you,’ Senate Dems warn GOP ahead of vote

    February 20, 2025
  • Massachusetts suspect charged with attempting to assassinate a Cabinet nominee

    May 10, 2025
  • Nifty continues to make new all-time highs this week as well

    September 3, 2024

Recent Posts

  • Super Micro Stock: Company Accused of Accounting Misconduct

    September 17, 2024
  • Biden, Democrats back away from bill that would give Trump more federal judges to appoint

    December 11, 2024
  • FLASHBACK: Musk accused Trump, GOP leaders of not wanting to cut spending — here’s where they said they would

    June 7, 2025

Editor’s Pick

  • PepeX ICO raises $1.35M as Trump’s crypto push fuels market attention

    April 14, 2025
  • Hezbollah drone attack in Israel kills multiple IDF soldiers, wounds dozens of people: reports

    October 13, 2024
  • Trump to take more than 200 executive actions on Day One

    January 19, 2025
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2025 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock