What’s with the Corporate Transparency Act?
News Staff
Tuesday, December 24, 2024
Commentary by Bill Bullard, CEO, R-CALF USA The Corporate Transparency Act would have required tens of millions of United States small businesses, such as limited liability companies (LLCs) with fewer than 20 employees and gross receipts less than $5 million annually, to report their private business information regarding their “beneficial owners” to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN), which according to them, would then store this sensitive information in a secure, confidential database.