Question: Congress recently passed the Corporate Transparency Act. It will most likely be very impactful to small businesses. Please discuss: 1 . Who is covered; who

Congress recently passed the Corporate Transparency Act. It will most likely be very impactful to small businesses.
Please discuss:
1. Who is covered; who is exempt.
2. Who is a beneficial owner.
3. Who is a participant.
4. When must parties report.

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