The Corporate Transparency Act requires LLCs, Corporations and other business entities to provide Beneficial Ownership Information to the U.S. Treasury Department. Companies failing to do so face stiff penalties.
The new federal regulation threatens small businesses with $500 a day in fines for non-compliance.
The National Federation of Independent Businesses (NFIB) claims the law targets small businesses since publicly traded companies, non-profits and some other large companies remain exempt.
For example, large companies with 20 or more full-time U.S. employees, a physical office in the U.S. and more than $5 million in sales annually need not comply.
