The federal Corporate Transparency Act went into effect on the first of the year, adding new requirements for businesses to report details about ownership and control of their companies. The new law targets bad actors such as terrorists and criminals who hide assets in shell companies and by other illegal means.
The CTA requires many businesses to file “Beneficial Ownership Information” reports, and there are specific requirements for companies formed after Jan. 1, 2024. To learn more about the new law and your obligations (or whether you’re exempt), read the blog post at O&A, P.C.
