The new year ushered in a significant new federal reporting requirement for small businesses, and most of Arizona’s more than 640,000 companies will need to comply.The requirement to provide basic information about owners to the federal government stems from adoption of the Corporate Transparency Act, which was signed into law on Jan. 1, 2021. The law is designed to combat money laundering and terrorist financing activities, and it requires “beneficial” owners of corporations, limited liability companies and similar entities registered in the U.S. to disclose information about themselves.A beneficial owner is a person who directly or indirectly exercises substantial control over a company, including those who own or control 25% or more of a company.Companies created or registered before 2024 must file a report by Jan. 1, 2025. Those created or registered later this year must file within 90 days of their creation or …
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