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 website
- Beneficial Ownership Reporting – Key Questions
- Beneficial Ownership Information Report Filing Dates
- Current Federal Tax Developments blog
- Follow Ed on Twitter @edzollars
- NJCPA Convention & Expo
No transcript available.
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