What You Need to Know About the Corporate Transparency Act

Enacted by Congress in 2021 as part of the National Defense Authorization Act, the Corporate Transparency Act (CTA) aims to mitigate money laundering, tax fraud, and other illicit activities by capturing more information about the ownership of specific entities operating in or accessing the U.S. markets. Effective January 1, 2024, the Corporate Transparency Act requires millions of small businesses to report ownership information to FinCEN (Financial Crimes Enforcement Network) which...