The Corporate Transparency Act: A Primer for “Small” Businesses
GovCon & Trade
OCTOBER 20, 2023
The Corporate Transparency Act (CTA), which aims to curb illicit financial activities like money laundering and other fraudulent activities, will go into effect on January 1, 2024. Consequentially, many types of businesses, known as “reporting companies,” will be required to provide certain identifying information to the Financial Crimes Enforcement Network (FinCEN) related to the individuals who directly and indirectly own them.
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