Given the importance of the new federal law to business owners, we’re re-publishing this article, which appeared in the October newsletter.
The Corporate Transparency Act (CTA) is a new federal law that aims to curtail money laundering and other illegal activities by making it clear who the individuals behind a particular business entity are.
The CTA was enacted in early 2021 and requires “reporting companies” to file information by January 1, 2025.
If you are a small business owner or own a corporate entity, such as an LLC, you likely will be required to report your company’s beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN) bureau, which is a division of the US Department of the Treasury.
We encourage all our clients who think that they might be subject to the CTA to contact their CPA or attorney to determine if they are subject to CTA reporting and to assist in handling the filing.
Below are links to resources so that you can learn more about the CTA if you think you might be required to file.
Key CTA Resources:
Moore Financial Advisors cannot give specific CTA advice or assist with actual filing.
-RK