The Corporate Transparency Act (CTA) was enacted in 2021 to combat illicit financial activities, including terrorist financing, drug trafficking, money laundering, and tax evasion. The CTA requires over 32 million small businesses (including dental corporations, LLCs, and partnerships) to file BOI reports disclosing identifying information for their beneficial owners. The law required new small businesses to file within 90 days of their formation, and existing businesses to file their initial reports on or before December 31, 2024, or face substantial fines and penalties.
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