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FinCEN updates CTA FAQs clarifying compliance rules for businesses, including S-Corporations in BOI reporting. Non-traditional entities like common law trusts have exemptions, while HOAs may need to disclose ownership info. Penalties for non-compliance involve civil penalties, with trusts requiring specific criteria for beneficial ownership determination.
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How could these regulatory changes influence trust-related financial activities and transparency?
How might the inclusion of S-Corporations impact the accuracy of BOI reporting?
What challenges could entities face in determining beneficial ownership under the new criteria?
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