Noteworthy Legal Changes That May Affect Your Business in 2023

Happy New Year! As we enter a new season, I want to ensure you are up to speed on some of the legal happenings that occurred in 2022. Here are two of the most recent noteworthy legal happenings that may impact your business in 2023. 

1. There are new reporting requirements under the Corporate Transparency Act.

The Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) passed the Corporate Transparency Act (CTA), which aims to strengthen anti-money laundering regimes by requiring businesses to report information on their beneficial owners. 

The reporting rule is one of three rulemakings planned to implement the CTA. FinCEN also plans to issue two final rules: (1) establish rules for who may access beneficial ownership information, and (2) revise FinCEN’s customer due diligence rule.

FinCEN will be releasing additional information over the next year. In the meantime, prepare

for this upcoming regulation by creating a secure business document listing all the required

information about your company’s beneficial owners.

2. The Small Business Administration will create a centralized website for business owners.

On October 10, 2022, President Biden signed the bipartisan One Stop Shop for Small Businesses Compliance Act into law. Previously, federal law required federal agencies to publish small business compliance guides only for certain regulations. In addition, these regulations and compliance guidelines were housed on different websites, which made it difficult for business owners to find and keep track of new requirements. 

This Act requires the Small Business Administration to create a centralized website that helps small business owners navigate all federal regulations and compliance guidelines in one place. Small business owners can expect the website to launch within the next three months. Take time to make or review the list of compliance guides that pertain to your business so you can more easily cross reference once the new SBA site is published. 

We will keep an eye on both of these roll outs. In the meantime, book a consultation to discuss any legal concerns you may have as you continue planning and executing your 2023 business goals. 

 For a complimentary consultation, please contact us at (202) 505-5309.