Tag

Reporting Requirements

All articles tagged with #reporting requirements

business1 year ago•1 min saved

Small Businesses Risk $10,000 Fines for Missing Federal Reporting Deadline

Small businesses could face fines up to $10,000 and potential imprisonment for failing to meet a new federal reporting requirement under the Corporate Transparency Act (CTA), which mandates the submission of a Beneficial Ownership Information (BOI) Report to FinCEN by January 1, 2025. The law, aimed at increasing transparency and combating illicit finance, affects over 32 million businesses. Critics argue that FinCEN has not provided sufficient guidance, and a federal court recently ruled the law unconstitutional, temporarily blocking its enforcement.

via Quartz|

#business #corporate-transparency-act #fincen

health2 years ago•1 min saved

"Sharp Increase in US Lyme Disease Cases Linked to Reporting Change"

Lyme disease cases in the US surged by almost 70% in 2022, reaching over 62,000 reported cases, but health officials attribute this increase to a change in reporting requirements rather than a major rise in new infections. The Centers for Disease Control and Prevention noted that the shift in reporting methods, which now only requires a positive lab test for reporting cases in high-incidence states, may have contributed to the spike. Lyme disease is the most common tick-borne infection in the US, with the majority of cases occurring in the Northeast, Midwest, and mid-Atlantic states.

via ABC News|

#cdc #health #lyme-disease

government2 years ago•6 min saved

Lack of Transparency: Local Governments Spending Pandemic Relief Funds with Minimal Accountability

Nearly one in four cities and counties in the United States have reported no expenditures from the pandemic relief funds they received, according to an analysis of data released by the U.S. Treasury Department. Critics argue that the publicly available data is misleading and fails to account for preliminary planning and differing interpretations of reporting requirements. Federal officials estimate that governments have spending commitments for over 80% of the funds, but Republicans and fiscal conservatives question the necessity of the spending. Some governments categorized their entire federal allotment as "revenue replacement," allowing them to report it as one project without providing specific details. There are no immediate penalties for incorrect or non-reporting, but calls for accountability and transparency persist.

via Yahoo News|

#accountability #government #local-governments

finance2 years ago•3 min saved

"US Banking System Faces Unresolved Risk of Uninsured Deposits"

The FDIC has noticed that some insured depository institutions (IDIs) are not accurately reporting estimated uninsured deposits in their Call Reports. Some institutions are incorrectly reducing the reported amount by considering collateralized uninsured deposits, while others are excluding intercompany deposit balances of subsidiaries. The FDIC emphasizes that collateralization and intercompany deposits should not affect the portion of a deposit covered by federal deposit insurance. IDIs are urged to amend their Call Reports to ensure accuracy and comply with reporting requirements.

via FDIC|

#call-report #fdic #finance