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Insights

June 15, 2021

Corporate Transparency Act: New reporting obligations for small businesses

By Holly L. Collins

Orlando Business Journal

Orlando partner Holly Collins has been featured in Orlando Business Journal with an article she penned about a potential new annual report that small businesses in Florida may have to file with the federal government in addition to the annual report they submit to the Florida Department of State. These Florida corporations and limited liabilities companies may be subject to the Corporate Transparency Act passed by Congress on January 1, 2021. Collins writes, "The purpose of the act is to help the U.S. government prevent money laundering, tax evasion, and other crimes by preventing financial secrecy."