The Corporate Transparency Act is a federal law that was enacted in 2021 and it requires businesses to register and report information with FinCEN ( Financial Crimes Enforcement Network). All entities formed prior to January 1st, 2024, will have until January 1st 2025 to report. If the entity was formed after January 1st 2024 then you have 90 days from formation to report to FinCEN.
I’m mainly writing this post just to bring it to the attention to the vendors and small business owners that may be affected by this. And also just to make sure that I’m getting the info right. Maybe Sarah or Chris can let me know if I got something wrong here, but I think this is all correct.
I don’t know if there’s any fee associated with registering since I have not done it myself, yet. But anyone that wants to check it out feel free to do so here - https://www.fincen.gov/
There’s a decent article in Edge magazine ( local business magazine part of Times Free Press). I got all of my information for this post from that magazine. If any of you that read this know something important in regards to this that I’ve left out please let me know.