Corporate Transparency Act: A Guide for Business Owners

Congress passed the Corporate Transparency Act on January 1, 2021. This new federal law requires businesses to file a report with FinCen, the Financial Crimes and Enforcement Network, disclosing all its beneficial owner(s). The intent with this law is to combat illicit activity including tax fraud, money laundering and the financing of terrorism through U.S. businesses, among other things.

The law became effective January 1, 2024, and is retroactive the businesses formed prior to January 1, 2024, unless the business is exempt. If you are a business owner and are not exempt, you will be required to file your initial report by January 1, 2025.

This webinar is intended to bring awareness about this new federal reporting requirement for business owners, guide them to self-determine whether they are required to report, and share information about the reporting process.