The new Corporate Transparency Act carries stiff penalties for noncompliance. Does it apply to your business?
We want to make you aware of a new filing requirement. The Corporate Transparency Act (CTA), part of the National Defense Act for 2021, takes affect in 2024. The act requires a new disclosure of “Beneficial Ownership Information” (BOI) to the Financial Crimes Enforcement Network (FinCEN) (an agency of the Department of Treasury). The penalties…