Corporate Transparency Act Has Implications for Dental Practices
Starting January 1, 2024, the Corporate Transparency Act (CTA) requires all businesses in the United States to report personal direct and indirect beneficial ownership and control data to the US Department of Treasury in an effort to combat money laundering, illicit financial activities, fraud, and terrorist financing. Personal identifying information for individuals owning 25% or more of a business must be reported to the Financial Crimes Enforcement Network via a Beneficial Ownership Information (BOI) Report. Some exemptions do exist such as businesses with more than 21 full-time employees and over $5 million in annual gross receipts and subsidiaries of larger organizations. If changes in ownership occur throughout the year, they need to be reported in order to remain compliant with the CTA. There is no fee to file the BOI. Click here to read more.