The New Corporate Transparency Act – What All Small Businesses Need To Know
The Corporate Transparency Act (CTA) went into effect on January 1, 2024. This is a significant change in federal law that will impact nearly every business that is operating through a legal entity such as a corporation, limited liability company (including single member limited liability companies), limited partnership, or other similar entity that is created by filing with any state’s secretary of state (“Company” or “entity”). All companies should be prepared to comply with the new federal reporting requirements by filing an informational report with the Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) unless they are specifically exempt. The report discloses the company’s beneficial ownership information as it relates to the company and its owners and principals. This informational filing needs to be updated…

















