184: New Reporting Requirement May Take Businesses By Surprise

The Corporate Transparency Act was enacted to help combat money laundering, terrorist funding, tax fraud and other financial crimes. What many people don’t realize is that the Act includes a reporting requirement for most businesses — and there is a hefty non-compliance penalty. Ed Zollars, CPA, discusses the reporting requirements, which businesses are required to report, when they must file the report and the role that CPAs should play. Resources:FinCEN Beneficial Ownership Information Reporting websiteBeneficial Ownership Reporting – Key QuestionsBeneficial Ownership Information Report Filing DatesCurrent Federal Tax Developments blogFollow Ed on Twitter @edzollarsNJCPA Convention & Expo