Small businesses are largely unaware of this law that could lead to big fines

Photo credit: Mikhail Nilov via Pexels. Article by Macie LaCau. The American Genius – June 5, 2024. Click here for further info about the FinCEN Beneficial Ownership Information Reporting Rule.

New rules? Okay, Dua Lipa. A recently introduced federal rule mandates that over 32 million small businesses across the nation must submit ownership information to a lesser-known agency within the U.S. Treasury Department, or risk potential penalties. However, a significant challenge looms: many of these businesses are completely unaware of this requirement. […]

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