A new reporting requirement affecting LLCs and s-corps — small and independent businesses legally registered with their secretary of state — is coming your way in 2024. The Corporate Transparency Act establishes a federal database of beneficial owners of small businesses with under 20 employees, including microbusinesses and freelancers. The database is overseen by the Financial Crimes Enforcement Network of the Department of the Treasury. My goal in this episode is to educate you regarding this new law, why it was implemented, and the information you need to supply if you’re an LLC or corporation.
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