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The Corporate Transparency Act

The Corporate Transparency Act: What is it and who will it affect?
By Stephanie Barclay, JD

On January 1, 2024, a new reporting requirement went into effect, pursuant to the Corporate Transparency Act (CTA) that requires millions of small businesses to file a Beneficial Ownership Information (BOI) Report with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). Every small business entity needs to know about this new reporting requirement as non-compliance can result in severe penalties.