A new reporting requirement means millions of small businesses have to file a Beneficial Ownership Information Report with the U.S. Department of Treasury’s Financial Crimes Enforcement Network. As WFIR’s Denise Allen Membreno reports many business owners don’t know about the requirement, and it could cost them.
The Corporate Transparency Act is meant to expose bad actors who facilitate money laundering, financing of terrorism, tax fraud, and other illegal acts. As WFIR’s Denise Allen Membreno reports all business owners must file a beneficial Ownership Information Report.
