Who says bipartisanship is dead? Recently, the U.S. House of Representatives unanimously passed the Protect Small Businesses from Excessive Paperwork Act. Under this bill, small businesses that existed before Jan. 1, 2024, would have until Jan. 1, 2026, to report beneficial ownership information to the U.S. Treasury Department’s Financial Crimes Enforcement Network. This mandate is part of the Corporate Transparency Act and is intended to help prevent and detect financial crimes. Initially, the reporting deadline was Jan. 1, 2025, but now due in March. A companion bill has been introduced in the Senate. Stay tuned.
Our Blog 