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With just weeks to go before tens of millions of small businesses and other entities faced their rights being trampled and being unwittingly turned into felons, a nationwide injunction against Treasury Department enforcement of an obscure reporting rule required by the Corporate Transparency Act has gone into effect.
While this injunction offers small business owners a temporary reprieve against the “beneficial ownership information” (BOI) rule, they need more certainty.
Jan. 1, 2025, was the deadline to comply with this rule that treated small business owners like financial criminals. It forced anyone with an entity, even solo-business owners with LLCs, S-corporations or other entities, as well as certain homeowners association boards, to register personal information with the financial crimes division of the Treasury (FinCEN).
The Treasury …