Small Businesses Can’t Report Personal Data About Owners Under a 2020 Corporate Transparency Act

Small Businesses Can’t Report Personal Data About Owners Under a 2020 Corporate Transparency Act

The New York Times

Under a section of a 2020 law that took effect Jan. 1, small businesses must share details about their so-called beneficial owners. The Corporate Transparency Act was intended to help the Treasury Department’s financial-crimes division identify money launderers who hide behind shell corporations. Judge Liles C. Burke of the U.S. District Court in Huntsville, Ala., sided with critics of the law.

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