Anti-Money-Laundering Law Could Hurt Small Business, Tax Pros Warn

A coalition of tax preparers sounded the alarm Monday over an anti-money-laundering law, arguing that small businesses who are unaware of the measure could face severe penalties if they fail to comply.

In a news release led by the American Institute of CPAs, tax practitioners raised their concern about the beneficial ownership information reporting requirement, a disclosure initiative that was passed as part of the 2021 Corporate Transparency Act.

“We are highly concerned that many business owners are unaware of this filing requirement,” Melanie Lauridsen, director of tax practice and ethics at AICPA, said in the release. “Small businesses are ...