What Every Small Business Needs to Know About the Corporate Transparency Act
The Corporate Transparency Act went to effect in January 2024 and mandates small businesses to report ownership information to the government, aiming to combat illicit activities like tax fraud and money laundering. Seeking guidance from knowledgeable advisors, such as attorneys or accountants, is recommended to ensure timely and accurate filing of the required reports to the U.S. Department of Treasury’s Financial Crimes Enforcement Network.
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