New Reporting Mandate Will Impact 32M Businesses

Beginning Jan. 1, an estimated 32.6 million existing businesses will be required to comply with a new federal reporting requirement intended to help law enforcement combat money laundering and terrorism financing.

OMA Connections Partner GBQ has published this summary of the Corporate Transparency Act, warning that failure to comply may lead to substantial penalties. OMA Connections Partner HBK has also published this analysis. 11/28/2023