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Opinion: The Corporate Transparency Act and the burden it creates for real estate organizations 

Aug 14, 2024By

The Corporate Transparency Act (CTA), effective January 1, 2024, mandates that approximately 33 million small businesses, including real estate organizations, report beneficial ownership information (BOI) to FinCEN. Compliance can be burdensome, particularly for organizations with complex ownership structures, and may require significant time and resources to manage ongoing reporting requirements. Understanding and fulfilling these obligations promptly is essential to avoid severe penalties.

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