Corporate Transparency Act: What Business Owners Need to Know Today to Ensure Compliance Tomorrow

The Corporate Transparency Act (CTA) took effect on January 1, 2024. This new reporting requirement requires millions of small businesses to file a Beneficial Ownership Information (BOI) Report with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). The main purpose behind the CTA is to halt money laundering and tax evasion. Entities that fall under the CTA’s mandatory reporting criteria include: LLCs, Limited partnerships, Corporations and S-Corporations....