Corporate Transparency Act reporting requirements coming in 2024
A new law intended to help prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity will affect millions of American businesses when it goes into effect on January 1, 2024. Broadly speaking, new regulations created as part of the Corporate Transparency Act require most existing and new corporate entities in the United States to file reports with the federal Financial Crimes Enforcement Network (FinCEN), including: the business name, current address, state of formation and EIN of each entity, as well as the name, birth date, address and government issued photo ID (such as a driver’s license or passport) of every direct or indirect Beneficial Owner of the entity.
ShindelRock tax professionals will keep abreast of these new regulations and urge business owners to be aware of the new reporting requirements in 2024 and beyond. Contact your ShindelRock tax professional for more information.