The rule was enacted to "make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures," according to FinCEN. In addition to not enforcing BOI penalties and fines, the Treasury said it would issue a proposed regulation to apply the rule to foreign reporting
When the Los Angeles wildfires swept through Southern California in January, Barbara Shay lost much more than the building housing the cafe she owned. Gone were the ingredients for menu items like grits or pancakes. Gone were the photos of icons ranging from former President Barack Obama to actor Richard Pryor that had lined the
Businesses have suffered a degree of whiplash from the on-again-off-again deadlines to file BOI reports. A string of court orders had prevented the Treasury from enforcing the measure, only to then see courts strike down those rulings. The U.S. District Court for the Eastern District of Texas on Feb. 18 lifted a nationwide injunction that
Diversity, equity, and inclusion has become a flashpoint in corporate America, with a shifting political landscape and economic pressures reshaping how businesses approach these initiatives. Under the Trump administration, DEI programs are under increased scrutiny, and many large corporations have begun scaling back their investments in these efforts. Yet while big business retreats, small business
It's no secret that large corporations are using generative artificial intelligence to get ahead — but many small businesses are finding ways to use this technology to their advantage, too. To be clear, there's still a large chunk (43%) of small businesses that have never even considered using gen AI in their operations, according to
"Most non-exempt reporting companies have not filed their initial reports, presumably because they are unaware of the requirement," Daniel Stipano, a partner at law firm Davis Polk & Wardwell, wrote in an e-mail. There's a potential silver lining for businesses: It's "unlikely" FinCEN would impose financial penalties "except in cases of bad faith or intentional
Getting funding from investors for a startup is a major challenge for most founders, including sixth graders from Draper Park Middle School, located in the Draper suburb of Salt Lake City, Utah, who are learning how to turn an idea into a business and pitch potential investors. "I'm really excited because I think our company
This story is part of CNBC's quarterly Cities of Success series, which explores cities that have transformed into business hubs with an entrepreneurial spirit that has attracted capital, companies, and employees. Fewer than 15% of businesses in Salt Lake City, Utah, are owned by women, one of the lowest reported proportions in the United States
Here's the kicker: Businesses and owners that don't file may face civil penalties of up to $591 a day, for each day their violation continues, according to FinCEN. (The sum is adjusted for inflation.) Additionally, they can face up to $10,000 in criminal fines and up to two years in prison. "To a small business
Scholars and political strategists have long observed a tendency among voters to seek change in leadership during periods of economic hardship, a phenomenon rooted in the belief that new leadership may offer solutions to pressing economic challenges. Our recent quarterly polls have highlighted small business owners' concerns about inflation and other difficulties faced during the Biden
