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Small Businesses – How to Comply with the Corporate Transparency Act

Source: U.S Chamber of Commerce

Under the Corporate Transparency Act, U.S. small businesses need to file beneficial ownership information reports (BOIR) with the Department of the Treasury by January 1, 2025.

Why it matters: Not filing by the deadline puts small business owners at risk of fines and criminal penalties.

Big picture: The law was enacted in 2021 to combat illicit activity, including tax fraud, money laundering, and terrorism financing, by capturing more ownership information for specific U.S. businesses.

Details: Businesses must provide their legal name and trademarks, as well as their current U.S. address. They’ll also need to provide a taxpayer identification number and specify the jurisdiction where they were formed or registered.

The U.S. Chamber of Commerce put together a step-by-step guide to help complete the reports.

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