Attention Small Business Owners: New Law Imposes Reporting Requirements
Effective January 1, 2024, the CTA requires that certain businesses disclose to FinCEN information about the company, its beneficial owners, and in some cases, the company applicant.
Attention Small Business Owners: New Law Imposes Reporting Requirements
Small business owners have one more item on their compliance to-do list as the Corporate Transparency Act (CTA) took effect this year. The CTA,[1] enacted as part of the Anti-Money Laundering Act of 2020 (AMLA), places new reporting requirements on many business entities in an effort to expose illegal activities, including the use of shell […]