The CorporateTransparency Act
New reporting obligations will affect nearly all small businesses in the U.S. in 2024, thanks to the Corporate Transparency Act (CTA). At its most basic, the CTA is an anti-money laundering regulation. The goal is to make it more difficult to use shell companies to hide or move illicit funds. Once implemented on January 1, 2024, most small corporations, LLCs, and limited partnerships already doing business in the U.S. will need to file a beneficial ownership report (BO Report) with the U.S. Treasury’s Financial Crimes Enforcement Network (“FinCEN”) no later than January 1, 2025. New corporations, LLCs, and limited partnerships formed on or after January 1, 2025, will need to file their first BO Report within 30 days after formation.
Each BO Report will need to identify every “beneficial owner” of the reporting company (including non-US citizens) and, for each one, provide a full legal name, date of birth, home address, and a unique identifying number and supporting document (such as a driver’s license or passport). Identifying every beneficial owner is a complicated process that includes determining who or which companies and then who within those companies have substantial control over the reporting company. If BO Reports are not filed or are filed incorrectly, criminal or civil penalties could be borne by the controlling individuals of the entity and the entity itself.
Our CTA Taskforce offers clients a comprehensive, methodical, high-volume approach to ensure speed, accuracy, and consistency. Additionally, we utilize patent-pending tools for data privacy and security of personal data collected. Our task force is led by one of the leading authorities on the CTA, Jonathan Wilson, the author of The Corporate Transparency Act Compliance Guide. Additionally, our team includes senior partners with decades of privacy and corporate governance experience.
CTA: Large Company Reporting Exemption
December 6th, 2023
In a prior post, I addressed some of the 23 exemptions the Corporate Transparency Act provides that would excuse a company from filing. …Read More
CTA Exemption For Large Operating Companies: Counting Full-Time Employees
December 4th, 2023
Effective January 1, 2024, most non-exempt companies formed or doing business in the U.S. will need to file a beneficial ownership…Read More
FinCEN Extends Deadline for Companies Created or Registered in 2024 to File Beneficial Ownership Information Reports
November 30th, 2023
FinCEN – the Financial Crimes Enforcement Network of the U.S. Treasury – on November 29th announced that it was issuing a final rule to…Read More
CTA For Small Businesses: What Companies Are Exempt from Reporting Under the CTA?
November 29th, 2023
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) will, starting 1/1/2024, require millions of US businesses to…Read More
Russ Dunlap and Mitzi Hill Presenting at the Georgia Manufacturing Alliance Networking and Educational Session – Business Insights & Solutions
November 17th, 2023
Please join us for an interactive Georgia Manufacturing Alliance workshop discussion titled “November Networking and Educational Session…Read More
FinCEN Corporate Transparency Act FAQs
November 17th, 2023
On November 16, 2023 FinCEN issued additional FAQs on their website to answer new questions about the reporting process, reporting…Read More
CTA: What Companies Must File? (Part 1: Reporting Company Definition)
November 15th, 2023
The Corporate Transparency Act (CTA) will take effect 1/1/2024. The law and its implementing regulations are overseen by the Financial…Read More
CTA for Small Businesses: What is a Beneficial Owner? (Part 2)
November 8th, 2023
Our prior post covered the first way someone might be deemed a “beneficial owner” (BO) under the Corporate Transparency Act (CTA),…Read More
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