The Corporate Transparency Act, or CTA, goes into effect on January 1st, 2024. It requires “beneficial owners” of “new” (formed on 1/1/2024 or after) “small businesses” (less than 500 employees and US-revenue under $5M) to report the personal information to the Financial Crimes Enforcement Division of the Department of Treasury, or FinCEN, within 90 days of forming a new company.
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