Important: Read About The Corporate Transparency Act
Many bars, clubs, and restaurants will soon need to comply with the Corporate Transparency Act (CTA), impacting small businesses across New York State and the country. Businesses with fewer than 20 full-time employees in the U.S. that reported less than $5 million in gross receipts on their prior year federal tax return should definitely read this alert but we recommend all size businesses read it to understand what if any obligations they have under this Act. This new reporting obligation could result in civil and criminal penalties for non-compliance.