Janet Yellen, U.S. Treasury secretary, on a tour of the Financial Crimes Enforcement Network (FinCEN) in Vienna, Virginia, on Jan. 8, 2024.Valerie Plesch/Bloomberg via Getty ImagesAn upcoming Treasury Department deadline for millions of small businesses to fulfill a new reporting requirement on “beneficial ownership information” was delayed again, following a court order that suspended enforcement.The 5th U.S. Circuit Court of Appeals issued an order late on Dec. 26 that halted enforcement while the court “considers the parties’ weighty substantive arguments” on the constitutionality of the Corporate Transparency Act, which created the BOI reporting requirement, the order said.The new deadline, which had been Jan. 13, is now unclear.”While it is not known how long the injunction will remain in effect, the case is calendared for oral argument en banc on March 25, 2025, so we expect that the injunction will be effective at least through March,” Daniel Stipano, a partner at law firm Davis Polk & Wardwell, wrote in an email.In the interim, businesses aren’t required to file BOI reports to the Financial Crimes Enforcement Network, known as FinCEN, which is part of the Treasury.Businesses don’t face liability for the time beingAdditionally, businesses aren’t subject to liability if they don’t file BOI reports while the order remains in force, FinCEN wrote Friday on its website.Businesses and owners that didn’t comply with the reporting rules were potentially subject to civil penalties of up to $591 a day. They could also face up to $10,000 in criminal fines and up to two years in prison.More from Personal Finance:’Higher for longer’ interest rates benefit those with cash accountsCredit card debt set to hit record levelsOnly 21% of workers take advantage of Roth 401(k) savingsThe BOI report data helps the federal government identify people who directly or indirectly own or control a company, to prevent criminals from hiding illicit ac …
