Members Learn About the Corporate Transparency Act at Hardin County Chamber and Business Alliance’s Membership Breakfast

Information concerning the Corporate Transparency Act was presented at the Hardin County Chamber and Business Alliance’s Membership Breakfast this morning.

Christina Cross, from Bricker Graydon, told those attending that the CTA is a new reporting requirement that went into effect on January 1 this year that requires companies to report certain identifying information to the Financial Crimes Enforcement Network or FINCEN.

The law was enacted to help prevent and combat money laundering, terrorist financing, corruption, tax fraud and other illicit activity in the United States.

Generally, any entity that files an organizational document with a state or a foreign entity that registers to do business in the U.S. is required to report.

The Corporate Transparency Act generally provides 23 exemptions to the reporting requirements, including for larger, already regulated companies such as banks, non-profits and hospitals.

For additional information, visit fincen.gov/boi.