The Government Is Forcing Business Owners to Share Personal Data or Get Fined $10,000 — So Why Don’t More People Know About It?

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I frequently speak to groups of business owners in industries ranging from metalworking to the distribution of auto parts and supplies. These are smart people. Yet, many of them are not aware of a reporting deadline fast approaching that could cost them as much as $10,000 if they don’t comply. Are you?

The reporting requirement is part of the Corporate Transparency Act (CTA), a law that was passed in 2021 as part of the National Defense Authorization Act. The CTA requires most business entities in this country to report the full legal name, birthdate, address, passport and/or driver’s license information of

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