Dental practices that meet certain requirements can begin providing information on both the practice and its “beneficial owners.
The Corporate Transparency Act, enacted by Congress in 2021, intends to combat the use of businesses as money-laundering operations. It requires certain businesses to report information to the U.S. Department of the Treasury’s Financial Crimes Enforcement Unit about their ownership.
The Financial Crimes Enforcement Network began accepting beneficial ownership information reports on Jan. 1, and all existing dental practices and companies that meet the requirements have one year to file before facing penalties.