Whether you are an active business owner or simply own a share in a business entity, a new law called the Corporate Transparency Act may mean new reporting requirements for you, starting in 2024.
What is the Corporate Transparency Act?
The Corporate Transparency Act is a federal law that will become effective on January 1, 2024, and it will affect many if not all business owners. Even though the law has the word “corporate” in its title, it does not mean that it only concerns corporations but many different kinds of businesses. Therefore, it may be time to get in touch with your legal advisor to make sure that you know what your obligations are under the new law.