On January 1, 2024 (in approximately five months), the Corporate Transparency Act (CTA) 1 takes effect. In my previous article 2 , I reviewed why the Act was passed, which entities were affected by the Act, who must file, who is exempt from filing, and when the filings needed to be made. In this post, I will review what reports need to be filed, the penalties for not filing, and what businesses should do now to prepare for the future.
To summarize my previous article, the CTA is designed to enable the government to monitor companies for possible money laundering, […]
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