New Corporate Transparency Act Impacts General Dentists
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Business owners who were in business before Jan. 1, 2024, have until Jan. 1, 2025, to comply, and additional details are expected from the government on this new regulation. Companies created after Jan. 1, 2024, will have 30 days to be in compliance and file an initial report.
The U.S. Department of Treasury Financial Crimes Enforcement Network (FinCEN) is creating a Beneficial Ownership Secure System (BOSS) to submit, store and report this information. Personal identifying information will be required for each reporting business, including name, date of birth, physical home address and photograph.
Learn more about this new regulation.
AGD encourages business owners, regardless of how a dental practice is incorporated, to seek advice from a licensed attorney or accountant regarding financial and legal considerations of their practice.