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Businesses: It’s Time to Review the New Corporate Transparency Reporting Rules

Your business may have to meet new reporting requirements that took effect on January 1, 2024. Under the Corporate Transparency Act (CTA), which was enacted in 2021, certain companies are required to provide information related to their "beneficial owners"—the individuals who ultimately own or control the company—to the Financial Crimes Enforcement Network (FinCEN). Failure to do so may result in civil or criminal penalties or both.
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