U.S. Chamber Provides Guide for Complying with Corporate Transparency Act

The U.S. Chamber has developed a new online tool to help businesses comply with the Corporate Transparency Act (CTA), after hearing from many Chambers about the confusion businesses are encountering with the new law. 
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The U.S. Chamber is working to delay the January 1st deadline, but in the meantime also want to make sure that businesses have the tools they need to be compliant with the CTA should this effort fail.  

The U.S. Chamber's free step-by-step guide will help businesses complete the reports required under this new Act.

Corporate Transparency Act Resources:

• Corporate Transparency Toolkit - Under the Corporate Transparency Act, U.S. small businesses need to file beneficial ownership information reports (BOIR) with the Department of the Treasury by January 1, 2025.  Not filing by the deadline puts small business owners at risk of fines and criminal penalties.  The law was enacted in 2021 to combat illicit activity, including tax fraud, money laundering, and terrorism financing, by capturing more ownership information for specific U.S. businesses.  Businesses must provide their legal name and trademarks, as well as their current U.S. address. They’ll also need to provide a taxpayer identification number and specify the jurisdiction where they were formed or registered.  To help your members, we have created a free step-by-step guide to help complete the reports.

-       Download the U.S. Chamber’s Guide to Complying with the Corporate Transparency Act
-       What Every Business Needs to Know About the Corporate Transparency Act