New Federal Requirements for BUsinesses

By John C. "Del" Foster, Attorney at Law and Certified Specialist Estate Planning, Trust and Probate Law 

New Federal Reporting Requirements Effective January 1, 2024

Effective January 1, 2024, the Corporate Transparency Act, 31 U.S.C. § 5336, requires, with some limited exceptions, all newly-created domestic and foreign corporations and other legal entities to submit certain information about their beneficial owners directly to the U.S. Treasury’s Financial Crimes Enforcement Network (“FinCen”).

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