Evidence indicates that many small businesses have yet to comply with a new reporting requirement set by the U.S. Treasury Department. The Corporate Transparency Act of 2021 established this requirement. The law seeks to prevent illegal money by requiring many U.S. based companies to provide beneficial ownership information to the Treasury's Financial Crimes Enforcement Network, or FinCEN.
Evidence indicates that many small businesses have yet to comply with a new reporting requirement set by the U.S. Treasury Department. The Corporate Transparency Act of 2021 established this requirement. The law seeks to prevent illegal money by requiring many U.S. based companies to provide beneficial ownership information to the Treasury's Financial Crimes Enforcement Network, or FinCEN.