Understanding the New Corporate Transparency Act and Its Impact on Businesses

By Carl Corneliuson | November 8, 2023 | Comments Off on Understanding the New Corporate Transparency Act and Its Impact on Businesses

Introduction On September 29, 2022, the Financial Crimes Enforcement Network (FinCEN) introduced a significant rule aimed at enhancing transparency in business operations and safeguarding the U.S. financial system. This rule implements the Corporate Transparency Act’s (CTA) provisions on beneficial ownership information (BOI) reporting. Here’s what you need to know about this pivotal development. Cracking Down…

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