Posted on Author AKC Law Categories General, Featured Updates, Business

The Corporate Transparency Act (CTA) will go into effect on January 1, 2024.

This act will require new and existing business entities to report certain beneficial ownership information (BOI) to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).

The CTA is wide-sweeping and is intended to apply to millions of small businesses across the country.

FINCEN recently published a Small Entity Compliance Guide to assist small business owners in complying with the BOI reporting rule.

The Guide is intended to help businesses learn about and comply with the new reporting requirements.

Click here to view the Small Entity Compliance Guide

Learn more about Beneficial Ownership Information in this video.