Jeffrey Kaufman, our partner at Cunneen Booth LLP, explains the Corporate Transparency Act and how it may affect small businesses in this Union Tribune Article.
On January 1, 2024, the Corporate Transparency Act took effect. This Act mandates that certain business entities file a beneficial ownership information report with the Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Department of the Treasury. The purpose of the Corporate Transparency Act is to prevent bad actors from hiding financial transactions through shell companies or complex ownership structures. As the law applies regardless of the business’s value, it significantly impacts small business owners, many of whom are unaware of this new requirement.
Read the article here: San Diego Union Tribune
