Beginning in January, a federal reporting rule required by a 2021 law designed to combat crimes like money laundering will take effect, but some legal experts say it may add to the burden of doing business in the U.S. and could even pose privacy concerns.
The new rule - mandated by the Corporate Transparency Act - will require more than 32 million business entities to file a beneficial ownership information report with the Financial Crimes Enforcement Network of the U.S. Treasury Department.
Under the terms of the act, every corporation, limited liability company or other entity created through a state or tribal business filing is required to submit a report to the federal enforcement network.
Because of its numerous exemptions, the act will primarily affect small businesses, said Hal West, an attorney with the law firm Phelps Dunbar. (Mississippi Business Journal 12/04/23) Federal government: Millions of businesses must file new corporate transparency reports in 2024 | Mississippi Business Journal | djournal.com
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