Provided by BBA Member, Kelley Brubaker, CPA, owner of Profit Scale Thrive.
An important filing deadline is approaching quickly on December 31, 2024. Is your business compliant?
There is an important change that will affect many businesses starting on January 1, 2024. It's called the Corporate Transparency Act (CTA), which is part of the National Defense Authorization Act for Fiscal Year 2021. This law says that certain businesses must share information about who owns them.
This big update is meant to help the U.S. law enforcement stop crimes like money laundering and terrorism financing. It's different from tax rules because it falls under the Bank Secrecy Act. This means that instead of sending reports to the IRS, businesses will need to send them to the Financial Crimes Enforcement Network (FinCEN), which is part of the Department of Treasury.
You can read more on Kelley's original blog post HERE or watch her video below.
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