What businesses need to know about new federal transparency law in 2024 ...Middle East

SAN FRANCISCO (KGO) — A new federal law that goes into effect next year will impact millions of small business owners and companies by mandating more transparency on information reported to the federal government. Starting Jan. 1, the Corporate Transparency Act will bring big changes to small businesses, corporations, or other domestic or foreign entities like LLPs or LLCs that file documents with the secretary of state. MORE: New California laws taking effect in 2024 impact speed cameras, hotel reservations and more The legislation passed in 2021 to combat illicit activity, including tax fraud and money laundering. “The purpose is to find out who is doing business in the United States,” s

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