Items Tagged with 'Corporate Transparency Act'

The Treasury Department announced Sunday that it is suspending enforcement of new business ownership disclosure requirements for U.S. citizens and domestic businesses and will be moving to narrow the reporting rules to foreign business companies.

Farms and other small businesses face a new, March 21 deadline for filing ownership disclosure reports with the government after a Texas judge reversed a nationwide stay on the reporting requirement.

Business owners still do not have to file beneficial ownership information with the Treasury Department even though the government persuaded the Supreme Court to stay an injunction blocking the requirement in the Corporate Transparency Act.

Producers worried that they would have to file ownership reports with the Treasury Department next month got a reprieve Thursday when a federal appeals court reinstated an injunction blocking enforcement of the new requirement.

A federal appeals court has reinstated a requirement that businesses file reports disclosing their ownership starting Jan. 1. 

A federal judge in Texas has blocked the federal government from requiring small businesses, including farms, to start filing reports disclosing their ownership. The disclosure requirement, which the judge described as “quasi-Orwellian,” is intended to combat money laundering and other financial crimes.

More than 230,000 farms face a Jan. 1 deadline to file reports disclosing their ownership to the federal government.