SIOUX FALLS, S.D.(KELO)- The penalties are heavy, and many business owners aren’t even aware of it.
Senator Mike Rounds is leading a group of lawmakers asking the treasury department to delay enforcement of a new rule.
It requires companies to send information on people involved in business ownership.
CPA Chuck Nelson of Sioux Falls there’s not a lot of awareness among business owners.
Failure to report the information can lead to penalties of up to ten-thousand dollars in fines and two years in jail.
It has to do with the Financial Crimes Enforcement Network of the Treasury department.
Failing to report it carries heavy penalties.
Nelson of Sioux Falls says there are also security concerns.
The Financial Crimes Enforcement Network…known as FinCen…is requiring people with an ownership interest in businesses to be registered.
Nelson of Sioux Falls says heavy fines and possible jail time are part of the rule.
Senator Mike Rounds and others are asking the Treasury Department to delay enforcement of the rule for at least a year.