After months of being pelted with reminders that they must comply with reporting requirements of the Corporate Transparency Act and provide beneficial ownership information, businesses received an early holiday gift, as a Texas court has acted to block the Congressional edict.
The Corporate Transparency Act was passed in 2021, creating the beneficial ownership information (BOI) mandate.
The US Treasury Department and business associations have been issuing warnings to businesses, including farmers, that failure to comply with the law by January 1, 2025 could result in fines of $10,000 or more and possible jail time — not that their warnings have been heeded by most businesses.
Only about a third of the about 32.6 million businesses that are subject to the new law have read more
