Confusion around the Corporate Transparency Act (CTA) has left many small businesses struggling to understand their obligations under this new federal law.
To help small businesses comply with the Corporate Transparency Act (CTA), the U.S. Chamber of Commerce has created a free, step-by-step guide for filing Beneficial Ownership Information Reports (BOIR). This resource is crucial as the law requires businesses to report ownership details, including their legal name, trademarks, U.S. address, taxpayer identification number, and formation jurisdiction, by January 1, 2025.
Failure to meet the deadline could result in steep fines and criminal penalties. The CTA, enacted in 2021, aims to combat tax fraud, money laundering, and terrorism financing by collecting detailed ownership information from certain U.S. businesses.
