There is a significant regulatory development that may impact your business operations—the Corporate Transparency Act (“CTA”). Enacted as part of the National Defense Authorization Act for Fiscal Year 2021, the CTA introduces new reporting requirements for beneficial ownership information (“BOI”), aimed at enhancing corporate transparency and preventing financial crimes. Overview of the Corporate Transparency Act The CTA mandates that certain entities disclose BOI to the Financial Crimes Enforcement Network (“FinCEN”). […]
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