Are you a “beneficial owner” of a small business or LLC? If so, get ready: 2024 will bring the Corporate Transparency Act (CTA) and its periodic reporting requirements to combat both domestic and international money-laundering, terrorism funding, tax evasion and other financial crimes. A Beneficial Owner Report. What’s a beneficial owner? Anyone who believes they may be a beneficial owner of an entity required to report should contact their lawyer.

Source: Forbes April 11, 2023 18:05 UTC