The Corporate Transparency Act was enacted to help combat money laundering, terrorist funding, tax fraud and other financial crimes. What many people don’t realize is that the Act includes a reporting requirement for most businesses — and there is a hefty non-compliance penalty. Ed Zollars, CPA, discusses the reporting requirements, which businesses are required to report, when they must file the report and the role that CPAs should play.

Resources:

• FinCEN Beneficial Ownership Information Reporting website
• Beneficial Ownership Reporting – Key Questions
• Beneficial Ownership Information Report Filing Dates
• Current Federal Tax Developments blog
• Follow Ed on Twitter @edzollars
• NJCPA Convention & Expo