The US Financial Crimes Enforcement Network (FinCEN) plans to seek public input on potential changes to existing Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA). This move is in line with the Treasury Department’s goal of reducing regulatory burdens on businesses.
The National Lumber and Building Material Dealers Association (NLBMDA) has welcomed this decision, calling it a “major win” for small businesses and the lumber industry. The association had previously urged the Treasury Secretary to suspend penalties under the CTA due to the lack of a legislative remedy and numerous legal challenges.
Business groups had initially objected to certain provisions of the CTA, particularly the potential daily fines of up to $591 for non-compliance and up to $10,000 for willful violators. The latest move comes after a March 21 ruling by a Texas judge lifted an injunction that previously halted enforcement of the BOI rule.
Source: https://hbsdealer.com/nlbmda-sees-win-small-business