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Federal Judge Reinstates Beneficial Ownership Reporting Requirement

WFB Editors
Feb 24, 2025
Cta Back In Effect

A Texas-based federal court reinstated the Corporate Transparency Act and its Beneficial Ownership Information reporting requirement on Feb. 18.

Small businesses now have until March 21 to file a Beneficial Ownership Information report with the Department of the Treasury.

The act is aimed at cracking down on illicit financial activities, such as drug trafficking, tax evasion and terrorist financing.

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