SBEMP’s Austin Gutierrez on GPS Business Insider
“Corporate Transparency Act: A New Compliance Requirement for Small Businesses”
“At the beginning of this year, the Corporate Transparency Act (CTA) introduced a sweeping new requirement for small businesses across the United States. Aimed at combating illicit activities such as money laundering, tax fraud, and financing terrorism, the CTA mandates that many business entities disclose their beneficial ownership information to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). While well-intentioned, the CTA introduces a significant new compliance burden for small and medium-sized businesses that must be navigated carefully to avoid severe penalties.” Read the full article here.
