Washington, Aug. 12 -- Representative Jason Smith issued the following press release:
The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) recently issued (https://home.treasury.gov/news/press-releases/sb0603) a final rule permanently ending the requirement for U.S. companies and individuals to report beneficial ownership information under the Corporate Transparency Act. Beneficial ownership information identifies the individuals who actually own or control a company, generally anyone holding 25 percent or more of a business or exercising substantial control over it. This is a reporting mandate small business owners have long identified as a costly, confusing paperwork burden that fell hardest on mom-and-pop shops a...