Nov. 15, 2023
Corporate Transparency Act: Coming 2024
On January 1, 2021, Congress enacted the Corporate Transparency Act (CTA). As the CTA’s reporting mandate–which begins on January 1, 2024–gets closer, business owners need to be aware of this new law and the broad, ongoing implications it will have for their organizations. The CTA requires the Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Department of Treasury, to establish a national database of beneficial ownership information (BOI) for nearly every business organization in America. The law primarily