FinCEN Clarifies CTA Reporting Requirements for Businesses Terminated in 2024
For those that haven’t heard, a new federal law went “live” on January 1, 2024, which imposed new reporting requirements for business owners. Basically, any business entity (subject to certain exceptions) must report its owners, operators, and organizers to the Department of Treasury Financial Crimes Enforcement Network (“FinCEN”). The report is called a Beneficial Ownership
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