The Corporate Transparency Act (CTA), passed on a bipartisan basis in 2021, introduces new federal reporting requirements aimed at improving corporate transparency and combating illegal financial activities.

The reporting requirements will impact most small business owners and investors who own or have substantial control over a business entity such as an LLC or corporation.

In this podcast, we provide a brief overview of why the CTA was considered necessary and how individuals can ensure they are compliant with the requirements in order to avoid the severe penalties for those who fail to file the necessary information.

If you are interested in learning more about the CTA and the reporting requirements, we think you'll enjoy this month’s episode. Thanks for listening!

For more details on who needs to file and how to file we recommend that you check out our blog post covering the same topic at https://pw-wm.com/learn/tax-planning/the-corporate-transparency-act-for-small-business-owners/