What is the Corporate Transparency Act, or “CTA”, and why should you care??
The CTA was passed back in 2021 as a way to increase transparency in business entities and reduce the amount of fraudulent or criminal actions inside companies, or companies created for the purpose of committing crimes. It requires you, as a business owner, to report certain information to the government. I’ve been seeing a LOT of information thrown around online about how and when to comply, and a LOT of what’s been posted is FALSE.
The requirements set forth by the CTA are pretty simple to comply with, but you MUST comply with them within the allotted time frame, to avoid penalties or other negative consequences.
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