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Small Business Beneficial Ownership Reporting Update

Summary by RRBB Accountants and Advisors in Somerset and Maplewood, New Jersey
The Corporate Transparency Act requires most small businesses to file a report on the Financial Crimes Enforcement Network (FinCEN) of their owners with confirmed identification or face substantial fines and penalties. There are approximately 20 exceptions to this rule. However, if you filed business organizational documents with a state entity, you probably need to file the form. According to recent announcements from the U.S. Treasury and FinC…
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RRBB Accountants and Advisors in Somerset and Maplewood, New JerseyRRBB Accountants and Advisors in Somerset and Maplewood, New Jersey

Small Business Beneficial Ownership Reporting Update

The Corporate Transparency Act requires most small businesses to file a report on the Financial Crimes Enforcement Network (FinCEN) of their owners with confirmed identification or face substantial fines and penalties. There are approximately 20 exceptions to this rule. However, if you filed business organizational documents with a state entity, you probably need to file the form. According to recent announcements from the U.S. Treasury and FinC…

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RRBB Accountants and Advisors in Somerset and Maplewood, New Jersey broke the news in on Friday, March 14, 2025.
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