If you asked most small business owners, they’d say that paperwork and red tape are the hallmarks of government and the bane of their existence. Well, it’s about to get worse. Starting January 1, 2024, a new reporting rule takes effect. What the rule is all about and what you need to do: Background Back in 2021, Congress passed the Corporate Transparency Act (CTA) to help the Treasury learn more about business owners as a way to prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activities. Small businesses that are formed under state law—corporations, limited liability companies, […]
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