Corporate Transparency Act: What Business Owners Need to Know Today to Ensure Compliance Tomorrow

The Corporate Transparency Act (CTA) took effect on January 1, 2024. This new reporting requirement requires millions of small businesses to file a Beneficial Ownership Information (BOI) Report with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).The main purpose behind the CTA is to halt money laundering and tax evasion. Entities that fall under the CTA’s mandatory reporting criteria include: LLCs,  Limited partnerships, Corporations and S-Corporations. In this episode, Attorney Julie Steinbacher and Attorney Jessica Eckrote go over the CTA and its requirements and how our law firm can and will be helping its small business clients with CTA reporting requirements. They also encourage people to get out in front of the reporting requirements, which are required by Jan. 1, 2025 for businesses established prior to 2024.