This week, the Financial Crimes Enforcement Network (FinCEN) published a Small Entity Compliance Guide to help small businesses comply with the Corporate Transparency Act's beneficial ownership reporting requirements. The guide is a critical resource for businesses navigating the CTA, which becomes effective on January 1, 2024. It includes checklists, flow charts, and answers to key questions, all in a user-friendly and concise format.
FinCEN's Small Entity Compliance Guide can be found here, and its updated Frequently Asked Questions can be found here. Our recommended essential steps that businesses can take to prepare for the CTA, published in Bloomberg Law last week, can be found here.
The CTA is one of the most significant and impactful pieces of legislation of this century that will affect nearly all small business and real estate owners and operators. Compliance can seem daunting, but with proper planning, companies can set themselves up for success and avoid unnecessary fire drills beginning in the new year.
