New tool help businesses comply with the Corporate Transparency Act (CTA)
Available for Chamber members – This week the US Chamber of Commerce announced a new online tool that they have developed to help businesses comply with the Corporate Transparency Act (CTA). They have heard from many of you about the confusion businesses are encountering with the new law. While we are working on an effort to delay the January 1st deadline, we also want to make sure that you have the tools you need to be compliant with the CTA should this effort fail. Therefore, they have developed a free step-by-step guide to help complete the reports. See Corporate Transparency Act below for more information and feel free to share this tool.
Corporate Transparency Act:
- Corporate Transparency Toolkit - Under the Corporate Transparency Act, U.S. small businesses need to file beneficial ownership information reports (BOIR) with the Department of the Treasury by January 1, 2025. Not filing by the deadline puts small business owners at risk of fines and criminal penalties. The law was enacted in 2021 to combat illicit activity, including tax fraud, money laundering, and terrorism financing, by capturing more ownership information for specific U.S. businesses. Businesses must provide their legal name and trademarks, as well as their current U.S. address. They’ll also need to provide a taxpayer identification number and specify the jurisdiction where they were formed or registered. To help your members, we have created a free step-by-step guide to help complete the reports.
- Download the U.S. Chamber’s Guide to Complying with the Corporate Transparency Act
- What Every Business Needs to Know About the Corporate Transparency Act
