Dental Practices Are Off the Hook for Beneficial Ownership Reporting
American-owned dental practices will remain exempt from Corporate Transparency Acat reporting requirements, sparing small businesses from significant administrative burdens and potentially harsh penalties.
United States companies, including dental practices, will remain exempt from the requirement to report beneficial ownership information under the Corporate Transparency Act (CTA). Enacted in 2021 with the intent to fight money laundering by publicly naming the people who own US companies, the CTA posed significant administrative and time burdens on many small businesses, including dental practices, according to the American Dental Association.
The CTA applied even to those dental practices with fewer than 20 employees and revenue under $5 million. For those who did not comply with the CTA regulations, penalties were harsh, including both civil and criminal penalties. The exemption from these reporting requirements is only for American-owned companies. Internationally owned entities are still subject to the reporting requirements. Click here to read more.
