A new survey of U.S.-based businesses—as well as the law firms and certified public accountants (CPAs) who serve them—uncovered a shocking lack of understanding and preparedness for the looming beneficial ownership reporting requirements of the Corporate Transparency Act (CTA).

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Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass. Email: aaron.nicodemus@complianceweek.com LinkedIn:...