U.S. officials cleared another hurdle towards implementing the Corporate Transparency Act on Monday, giving small businesses 56 pages of step-by-step instructions on how to comply with a beneficial-ownership reporting rule set to take effect in January. The "Small Entity Compliance Guide," which the Financial Crimes Enforcement Network accompanied with the launch of a related website, reiterates the effective date of Jan. 1, 2024, that the bureau set last year for an estimated 32 million limited liability companies, corporation and 21 other types of legal entities registered or operating in the U.S. to begin complying with the rule. Monday's guidance also...
The U.S. Financial Crimes Enforcement Network wants to extend the deadline for legal entities formed or registered in the U.S. after Jan. 1 of next year to name their beneficial owners under the Corporate Transparency Act, a recent regulatory filing indicates.
A bipartisan bill filed in the U.S. House of Representatives would provide millions of legal entities an additional year to submit the names and other details of their owners for inclusion on a federal database scheduled to launch in January.
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