<ul><li>Many firms and corporations in the U.S. must comply with new reporting requirements implemented by FinCEN under the Corporate Transparency Act.</li><li>Reporting companies must provide the government with beneficial ownership information to prevent money laundering and tax evasion.</li><li>Exemptions exist for larger entities and those created before Jan. 1, 2024.</li><li>The rule could disproportionately impact small businesses, but digital solutions are emerging to streamline the compliance process.</li></ul>

Making Sense of FinCEN’s Jan. 1 Business Ownership Reporting Requirements

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