Corporate Transparency Act: Reporting Requirements
The Corporate Transparency Act (CTA) is federal legislation that will require LLCs and corporations with fewer than 20 employees to start reporting ownership information to the federal government in 2024. Here are details that may apply to your small business.
As the owner of a limited liability company (LLC) or a corporation with few or no employees, you may want to zone out when you hear news about the Corporate Transparency Act (CTA). The name of the legislation makes it sound like it should apply to big corporations, not small businesses. Furthermore, the CTA is intended to help stop money laundering and other fraud. And the rule to implement the legislation came from the Financial Crimes Enforcement Network. So the law shouldn’t concern your small business. Right?
In fact, LLCs and corporations with fewer than 20 employees are specifically targeted by the Corporate Transparency Act. Here’s what you need