Are you ready for the Corporate Transparency Act?
The Corporate Transparency Act is a federal law that will require tens of millions of small businesses to file a beneficial ownership information (BOI) report with the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). This report will contain personal identifying information about a company’s beneficial owners. The requirement goes into effect January 1, 2024. Harsh civil and criminal penalties can be imposed on companies that fail to comply. Does this law apply to your small business? Who is considered a “beneficial owner” of your company?