Small Business Tax

Untangling the Corporate Transparency Act – Webinar

Untangling the Corporate Transparency Act – Webinar

The Corporate Transparency Act (CTA) is a crucial piece of legislation aimed at preventing money laundering and illicit activities within the United States financial system. The CTA requires entities to file a Beneficial Ownership Information Report with the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). Entities must provide accurate information about beneficial owners. There are exemptions for entities with existing SEC filings or other government reports conveying the same data.

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The Corporate Transparency Act

The Corporate Transparency Act

The Corporate Transparency Act (CTA) was passed in 2021. It requires certain entities to report information about their beneficial owners to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). Reporting under the CTA will begin on January 1, 2024, and FinCEN is currently not accepting any beneficial ownership information reports until that date.

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