A federal court has blocked enforcement of a requirement that most restaurants and other small businesses report who owns them to the U.S. Department of the Treasury by Jan. 1. 

Failure to comply could have exposed covered companies to fines of up to $10,000, though the federal agency charged with policing the first-of-its-kind mandate indicated that it would provide an unofficial grace period to foster compliance. 

The requirement applies to most U.S. limited liability companies, or LLCs, as well as small corporations. Concerns that employ at least 20 people or have at least $5 million in revenues are exempted, as are 23 specific types of companies. 

Covered operations formed prior to Jan. 1, 2024, are required to reveal who controls them—what Treasury calls the beneficial ownership information, or BOI—in a filing submitted to the department no later than Jan. 1, 2025. Companies that were formed since Jan. 1 had 90 days after they were created to provide Treasury with the info.

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