Rules Designed to Mitigate Fraud Could Impact Small Business Owners

Posted under: SMB
Date: 2024-12-10
How can you protect yourself from business fraud? | Justo Global

The U.S. Treasury's new Corporate Transparency Act regulations, effective January 1, require over 30 million small businesses to submit Beneficial Ownership Information reports. Failure to comply risks fines up to $591/day, $10,000 penalties, and prison. Though aimed at reducing anonymous corporations' misuse, many businesses remain unaware. The Act enhances transparency for financial services while sparking privacy concerns and legal challenges in some states.

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