The Corporate Transparency Act passed by Congress to combat money laundering and terrorist financing requires Beneficial Owner Information be reported for all LLCs and Corporations. The reporting requirement goes into effect January 1, 2024. Businesses formed between January 1, 2024 and December 31, 2024 have 90 days to file the initial report. After January 1, 2025, businesses have 30 days to file the initial report.
For more information about this new filing requirement please click here or go to https://www.fincen.gov/boi.
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