The Corporate Transparency Act and Your Small Business
The Corporate Transparency Act, which went into effect on January 1, 2024, requires small business owners to file corporate transparency reports with beneficial ownership information. This act is to combat illicit activity including tax fraud, money laundering, and financing terrorism by capturing more ownership information for specific US businesses. Under this legislation, businesses that meet certain criterial must submit a Beneficial Ownership Information Report (BOIR) to the US Department of Treasury’s financial Crimes Enforcement Network by January 1, 2025, or potentially face crimianl charges or fines. For more information on the the Corporate Transparency Act and how to file your […]