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Small Businesses Coalition Urges Biden Administration to Delay Reporting Requirement

A coalition of small business owners, U.S. senators, and representatives is calling for a one-year delay in a new rule that would require businesses with as few as 20 employees to report financial information about the businessÔÇÖ beneficial owners. The rule, set to take effect on January 1, 2022, would compel small businesses to report personal information about their owners, board members, senior management, and legal representation, and could result in civil or criminal penalties for non-compliance.

The coalition, representing nearly 33 million businesses, argues that the new rule could have a substantial impact on small businesses across America. Many businesses, according to the coalition, are unaware of the new regulatory requirement. A survey conducted by the National Federation of Independent Businesses in August found that 90% of small business owners were unaware of the new reporting requirement.

In response to these concerns, the coalition has sent a letter to the Financial Crimes Enforcement Network, urging for a delay in the implementation of the new rule. The coalition is also advocating for a full repeal of the legislation, citing concerns about the security of personal information and the lack of finalization of critical rulemakings to protect small businesses’ personal information.

How AI legalese decoder can help with the situation:

AI legalese decoder can assist in this situation by providing small businesses with an automated tool to understand and decode the legal language used in the new reporting requirement. By inputting the legal text into the decoder, small business owners can receive a plain-language translation of the requirements, ensuring that they fully understand their obligations and can take appropriate action. Additionally, the decoder can keep small business owners informed of any updates or changes to the law, allowing them to stay compliant with any new regulations. This tool can help alleviate the challenges of understanding complex legal jargon, enabling small businesses to navigate the new reporting requirement with confidence and clarity.

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