Treasury’s Financial Crimes Enforcement Network (FinCEN) announced February 27 that it would not take any actions to enforce the upcoming beneficial ownership information reporting deadline — and that revisions to the deadline and reporting requirements are on the way.
Under the Corporate Transparency Act (CTA), domestic entities created by a filing with a state secretary of state and foreign entities that registered to do business in the U.S. are required to submit information about their beneficial owners to FinCEN. The law is aimed at cracking down on money laundering and other crimes, but many small businesses claim it is too burdensome and violates constitutional rights.
To dig deeper, visit the original article on the Thomson Reuters blog.