What is the Corporate Transparency Act (CTA), Beneficiary Ownership Information (BOI), and what does it mean for business owners?
In 2021, Congress enacted the Corporate Transparency Act. This law creates a beneficial ownership information reporting requirement for millions of businesses across the country. Beginning January 1, 2024, many companies will have to report information about their beneficial owners to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). Failing to comply will