Alfredo Ortiz, CEO of the Job Creators Network, said the new filing requirement for certain small businesses created under the Corporate Transparency Act is “ridiculous” and urged Americans to push back on the measure.
Under the Corporate Transparency Act, small businesses that gross less than $5 million in sales must fill out and file beneficial ownership information reports with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network by January 1, 2025.
Business owners who do not comply with the new law face imprisonment for up to five years and face up to $250,000 in fines.