Small businesses face potential fines of up to $10,000 for failing to comply with a new U.S. Treasury reporting requirement under the Corporate Transparency Act, aimed at curbing illicit finance. With a deadline of January 1, 2025, many businesses remain unaware or non-compliant, despite a federal court temporarily blocking enforcement. The Treasury has received about 9.5 million filings, representing only 30% of the estimated total, raising concerns about widespread violations as the deadline approaches.
