New Mandatory Disclosure Reporting effective January 1, 2024 - What Business Owners Need to Know About the Corporate Transparency Act
As you may or may not be aware, the Corporate Transparency Act (the “CTA”) was passed in 2021 as part of the National Defense Authorization Act to combat money laundering. Its rules were finalized in September of 2022 and will become effective on January 1, 2024. The CTA is a very broad law requiring business entities to disclose their “Beneficial Owners” to the Financial Crimes Enforcement Network (“FinCen”) unless they fall under certain limited exemptions. This policy is being administered by the U.S. Treasury Department.
Unveiling the Corporate Transparency Act: Shedding Light on Beneficial Ownership Reporting
Today, we're diving deep into the recently enacted Corporate Transparency Act (CTA) and its mission to illuminate the often-obscure realm of beneficial ownership. Get ready, because change is on the horizon!