Posted January 10, 2024:
The American Dental Association provided the synopsis below on the new Corporate Transparency Act enacted by Congress in 2021 to combat illegal activities, such as money laundering, by foreign or domestic threats in all sectors of the US economy. Thanks to Chad Olson and members of the Washington DC team for this information.
“A new law effective Jan. 1, 2024, requires certain businesses to report beneficial ownership info to the U.S. Dept of the Treasury. The Corporate Transparency Act, enacted by Congress in 2021, intends to combat the use of businesses as money-laundering operations. Effective Jan. 1, 2024, the law now requires certain businesses to report beneficial ownership information to the U.S. Department of the Treasury’s Financial Crimes Enforcement Unit. Reporting companies created or registered to do business in the U.S. before Jan. 1, 2024, must file by Jan. 1, 2025. All existing dental practices and companies that meet the requirements have one year to file before facing penalties.
“The ADA created a FAQ document to help dentists with any questions. Visit fincen.gov/boi to file a report, view informational videos and webinars, find answers to frequently asked questions, connect to the contact center and learn more about how to report. For sharing out with members, the ADA News article explains who is subject to reporting requirements and other relevant details.
“As of January 2024, there is pending federal legislation that, if passed, would extend some of the filing windows outlined in the FAQ document. This legislation has passed the U.S. House of Representatives and is awaiting action by the Senate. Should this legislation be signed into law, this FAQ will be updated, and we will let you know. Currently, existing practices will need to report information on both the practice itself and its beneficial owners unless Congress changes that.”
