New Reporting Requirement May Take Businesses By Surprise

May 9, 2023

The Corporate Transparency Act was enacted to help combat money laundering, terrorist funding, tax fraud and other financial crimes. What many people don’t realize is that the Act includes a reporting requirement for most businesses — and there is a hefty non-compliance penalty. Ed Zollars, CPA, discusses the reporting requirements, which businesses are required to report, when they must file the report and the role that CPAs should play.


Edward K. Zollars

Edward K. Zollars

Edward K. Zollars, CPA, is a partner with the firm of Thomas, Zollars & Lynch, Ltd, in Phoenix, Arizona. He specializes in tax issues for closely held businesses and individuals. He is a frequent contributor to a number of online professional tax discussion groups, including the NJCPA Member Open Forum.
Jeffrey  Kaszerman

Jeffrey Kaszerman

Jeff Kaszerman is the vice president of government relations for New Jersey Society of CPAs. He works with the CEO and board of trustees to create and implement advocacy initiatives that protect and promote the interests of the CPA profession, the business community and the public.

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