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The Corporate Transparency Act Rollercoaster Ride Is Far from Over
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Subscribe11 FEB 2025 / BUSINESS
The Financial Crimes and Enforcement Network (FinCEN), represented by the U.S. Department of Justice (DOJ), is appealing the decision in the Samantha Smith case regarding the Corporate Transparency Act (CTA), consequently adding to the uncertainty on compliance policies for professionals and small businesses. These debates on the enforcement of the CTA's Beneficial Ownership Information reporting, and potential policy changes that could favour smaller entities, merit close attention due to their substantial implications for business compliance costs, estimated to reach $22.7 billion in its first year.
Just when professionals thought they finally had a handle on the Corporate Transparency Act (CTA), the plot takes another twist! On Feb. 5, 2025, the U.S. Department of Justice (DOJ), repping the Financial Crimes and Enforcement Network (FinCEN), dro...
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