SAN FRANCISCO--(BUSINESS WIRE)--As millions of Americans prepare to "shop small" this Saturday, the nation's 33 million small businesses face a looming January 1st federal deadline that could impact their ability to open their doors in the new year. The Corporate Transparency Act requires nearly every small business owner to register their ownership with FinCEN by January 1st or face penalties up to $10,000 and jail time.
While Small Business Saturday is expected to generate over $17 billion in revenue for local businesses, many owners are still unaware of the new federal requirement that could put them at risk of significant penalties as the new year rolls in.
"I grew up watching my family run small businesses. The holiday season was always our busiest and most important time of the year - the last thing we needed was to spend hours completing another filing," said Alex Goode, Co-founder and CEO of Palm. "Small business owners should be focused on their customers this holiday season, not worrying about compliance deadlines, so Palm is offering completely free filing this holiday season."
The requirement affects nearly every small business in America - from local retailers and restaurants to professional services firms. With just 30 days remaining until the deadline, Palm's data shows that a majority of businesses have yet to file.
Emily Bodkin, owner of Proper Food Group, completed her filing through Palm during a brief break between Black Friday preparations. "I hadn't even heard about this requirement until last week. With the holiday rush, I barely have time to breathe, let alone figure out federal filings. Palm's free service helped me get compliant in under 5 minutes."
"Small Business Saturday reminds us how critical local businesses are to our communities. But this year, they're facing a perfect storm - holiday season pressure plus a new major federal deadline," added Goode. "We believe no small business should have to choose between serving their customers and staying compliant."
Palm's mission to protect small businesses stems directly from its founders' experiences. Goode comes from a four-generation small business family, while Co-founder and COO Connor Patterson owned multiple restaurants across the US including San Francisco before launching Palm.
"Running restaurants, I experienced firsthand how compliance requirements can overwhelm small business owners," said Patterson. "Every minute spent on paperwork is a minute away from serving customers and growing my business. You roll from the holiday right into new year filings whether locally or federally, and Palm is custom built to give Small Business owners like me the break they need. Just file once with Palm and Palm will take care of all future filings.”
The National Federation of Independent Business estimates that small business owners spend an average of 100 hours annually on federal compliance requirements. Palm's free BOI filing service reduces this particular requirement to approximately 5 minutes.
Small businesses can complete their BOI filing for free at getpalm.com. Palm has also established a 24/7 support team to assist business owners with questions about the filing process during the busy holiday season.
About Palm:
Founded by small business owners for small business owners, Palm puts small business regulatory filings on autopilot. The company's AI-powered platform helps businesses stay compliant without becoming compliance experts.
