Small Business Alert: Be Aware of the Corporate Transparency Act Filing Deadline

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The Corporate Transparency Act mandates disclosures about the beneficial owners of certain entities doing business in the United States, and the CTA was recently amended to require all entities file a Beneficial Ownership Information report (BOI report) unless they are exempt. Most businesses with revenue under $5 million or under 20 employees are required to report. The purpose is to assist the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) in identifying entities involved in money laundering, terrorism, tax evasion, organized crime and other illegal activities.  

Under the CTA, in certain situations, a BOI Report must be filed with FinCEN, providing information about the entity’s owners. 

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