The U.S. Department of the Treasury announced it will not enforce penalties or fines associated with the Biden-era “beneficial ownership information” (BOI) reporting requirements for millions of domestic businesses. Enacted through the Corporate Transparency Act in 2021, BOI reporting mandates small businesses to disclose who directly or indirectly owns or controls the company to FinCEN. After previous court delays, a March 21 deadline was set, with potential civil penalties of up to $591 per day or criminal fines of up to $10,000 and imprisonment for non-compliance. The rule aimed to prevent illicit finance and opaque ownership structures. The Treasury also plans to propose a regulation applying the rule only to foreign reporting companies. President Donald Trump criticized the reporting rule, while experts warned the decision could impact national security by attracting foreign criminals. — news fromCNBC
