Corporate Transparency Act comes with new reporting requirements for companies

On January 1, 2021, the National Defense Authorization Act for Fiscal Year 2021 (NDAA) was passed, and included with it was the Corporate Transparency Act (CTA). The CTA requires certain business entities to file information on their “beneficial owners” with the Financial Crimes Enforcement Network (FinCEN). FinCEN is the same organization to which taxpayers disclose …

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