Get Ready for the Beneficial Ownership Information Reporting Rule

Get Ready for the Beneficial Ownership Information Reporting Rule

The federal government recognizes that “illicit actors frequently use corporate structures such as shell and front companies to obfuscate their identities and launder their ill-gotten gains through the U.S. financial system.” To enable the government to catch and penalize these bad actors—drug dealers, money launderers, foreign operatives, and others—the Corporate Transparency Act (CTA) of 2021 imposes […]
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New Federal Reporting Requirement for Small Businesses

New Federal Reporting Requirement for Small Businesses

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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