Are You Familiar With The CTA?

Are you familiar with the Corporate Transparency ACT (CTA)?

The Corporate Transparency Act (CTA) is a piece of legislation that was included in the National Defense Authorization Act (NDAA) of 2021, and it is scheduled to become effective on January 1, 2024. Under this law, small businesses are mandated to furnish information to the United States Department of the Treasury’s financial intelligence agency, known as the Financial Crimes Enforcement Network (FinCEN). This information must pertain to any individual who possesses a 25 percent or greater ownership stake in a small business that has either fewer than 20 full-time employees or generated less than $5 million in gross receipts or sales during the previous tax year. This requirement applies to both the owners of the business and its significant investors.

Visit the website of the Financial Crimes Enforcement Network (FinCEN) here.

Visit the Small Business Compliance Guide here.

View the Frequently asked Questions here.

View Report Filing Dates here.

Watch Videos about Beneficial Ownership Information Reporting here.