Starting January 1, 2024, under the Corporate Transparency Act, all small businesses operating as business entities will be subject to new federal self-reporting requirements. The ostensible purpose of the new Beneficial Owner Information (BOI) reporting is "to help prevent criminals, terrorists, proliferators, and corrupt oligarchs from hiding illicit money or other property in the United States."
All individuals connected directly or indirectly with a small business should study the rules to learn how and when their business entities are subject to reporting.
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