mall businesses will not yet be required to report ownership information to the Treasury Department after the Supreme Court on Thursday left in place an injunction that stopped enforcement of the Corporate Transparency Act, which mandates that small businesses report ownership and other pertinent information as part of what the agency has said is a bid to stem money laundering.
The Financial Crimes Enforcement Network, the agency overseeing the implementation of the rule, issued a statement shortly after the Supreme Court decision saying that because of ongoing litigation and a separate nationwide injunction in a related case (Smith v. U.S. Department of the Treasury), it will not issue an updated deadline for small businesses to file the requested information.
Companies will not be subject to any liability if they do not file ownership information while the other lawsuit plays out, the agency said.
a href=”https://wtop.com/maryland/2025/01/the-faster-you-drive-the-more-you-pay-under-this-maryland-speed-camera-proposal/”>Click here to read the rest of the article written by John Domen over at Washington Business Journal
