Corporate Transparency Act Requires Most Dental Practices to Report Information About Their Ownership

The Corporate Transparency Act, enacted by Congress in 2021, intends to combat the use of businesses as money-laundering operations. Effective Jan. 1, 2024, the law now requires certain businesses to report beneficial ownership information to the U.S. Department of the Treasury’s Financial Crimes Enforcement Unit. All existing dental practices and companies that meet the requirements have one year to file before facing penalties. The ADA created a FAQ document to help dentists with questions. Visit fincen.gov/boi to file a report, view informational videos and webinars, find answers to frequently asked questions, connect to the contact center, and learn more about how to report. For sharing out with members, the ADA News article explains who is subject to reporting requirements and other relevant details.