Corporate Transparency Act Filing Deadline Approaches

Many dental practices that meet certain requirements must file beneficial ownership information reports by Jan. 1, 2025, before facing penalties. Dental practices must file under the Corporate Transparency Act, which was established to mitigate money-laundering operations, if they employ fewer than 20 people or if they generate less than $5 million (gross receipts) in revenue annually. Failure to file a report can result in civil penalties, including fines of up to $500 per day until the violation is fixed, or criminal penalties, including fines of up to $10,000 and/or imprisonment for up to two years. Read more.