A new law taking effect next year is going to create a big challenge for most small- to mid-sized businesses.
The Corporate Transparency Act, passed as part of the National Defense Authorization Act of 2021, is set to become effective Jan. 1, 2024. The act requires the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, to create a nonpublic database for legal businesses in the U.S. — and many companies will have to disclose several key pieces of information…
