November 01, 2024
The Corporate Transparency Act: What Business Owners Need to Know
The Corporate Transparency Act, passed in 2021, aims to curb illicit activities such as tax fraud, money laundering and terrorist financing by requiring certain U.S. businesses to provide details about their ownership.
If your business meets the criteria, you’ll need to file a beneficial ownership information report with the Financial Crimes Enforcement Network that lists individuals linked to your company. Penalties for failing to file your initial report will kick in after Jan. 1, 2025, so it’s important to make sure you are complying with the rules before the end of year.
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Business OwnershipContent Topics
About the Author
Jeffrey Levine
Chief Planning Officer
Clients deserve a knowledgeable advisor who is up to date on the latest changes in the laws, regulations, tools, and trends that may impact their overall financial plan. As Chief Planning Officer, Jeffrey works closely with the Buckingham team to create a seamless and enjoyable experience for clients that makes it easy to plan and instill confidence as they work towards their most important goals.
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