Millions of small business owners need to make sure they are complying with a new regulation — or face penalties.
The Corporate Transparency Act requires businesses with fewer than 20 employees to provide names, dates of birth, addresses and other identifying information about its owners. It’s part of a larger effort by the Department of the Treasury’s Financial Crimes Enforcement Network to crack down on money laundering and other financial crimes.
Businesses with fewer than 20 employees founded or registered to do business in the United States before Jan. 1, 2024, have until Jan. 1, 2025, to file information with the Department of the Treasury’s Financial Crimes Enforcement Network. The online beneficial ownership information reporting tool is now open.
That information includes names, dates of birth, addresses and other identifying information about its owners. New businesses founded in 2024 have 90 days to file after their registration is complete. In 2025, that 90-day period shrinks to 30 days.
Click here to read the rest of the article written by Andy Medici over at Baltimore Business Journal
