This course is designed to instruct those who own or advise small businesses regarding their responsibilities under the Corporate Transparency Act. This is a new law with reporting requirements beginning in 2024. Subject companies will be required to provide detailed information about the people who own, control operations, or helped establish the entity. This will be an ongoing obligation to update information. This will be administered by the Financial Crimes Enforcement Network which is a bureau of the Treasury. Failure to provide reports can result in fines of $500 per day and potential criminal action as well.