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Corporate Transparency Act Reporting Requirements: What Do Illinois Community Associations Need to Know?

/ Owner - September 11, 2023

In 2021, Congress enacted the Corporate Transparency Act (“CTA”) in an effort to protect the U.S. financial system from illicit use. Generally speaking, the CTA requires business entities operating in the U.S. to report certain information regarding their beneficial owner(s). The CTA is slated to take effect on January 1, 2024, and imposes certain reporting requirements by January 1, 2025.   Read the article………………………..

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