Cheri Hill Show

On January 1, 2024 a new reporting requirement goes into effect that will require millions of small businesses to file a Beneficial Ownership Information (BOI) Report with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). In 2021 Congress imposed this requirement in a statute called the Corporate Transparency Act. Every small business owner needs to know about this new reporting requirement as non-compliance can result in severe penalties, yet the realty is the overwhelming majority of small businesses either have no idea what the CTA is or have no idea if they’ll be required to report. This massive lack of understanding is a huge red flag. I must warn you that there are already scammers out there trying to solicit information from individuals and entities who may be subject to reporting requirements requesting that you click on a URL or scan a QR code. These e-mails and letters are fraudulent and please do not respond to these fraudulent messages or click on any links. Thi