Corporate Transparency Act

Not yet on our small business radar:
On January 1, 2024 the sharp filing requirements with steep fines for filing omissions kick in for many small businesses under the Corporate Transparency Act. Most professionals serving small businesses are not yet aware. Those of us what are aware do not have advance planning recommendations or work plans to comply.
In short, for-profit businesses created by the states with under 20 employees must file additional disclosures about the owners or risk steep fines.
My guess (it’s only a guess) is that a Republican House of Representatives will take action next year to ease up on these foreign business owners under the cover of reducing government’s burden.