Sen. Scott introduces bill to extend deadline for beneficial ownership reporting
U.S. Sen. Tim Scott (R-SC) introduced legislation that would extend the filing deadline for businesses to report beneficial ownership information (BOI). The Corporate Transparency Act established new reporting requirements around beneficial ownership for businesses. The law was challenged in court, but on Jan. 23, the U.S. Supreme Court declined to block the enforcement of these filing requirements. Currently, small businesses are expected to comply immediately or face penalties. The Protect ...
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