🚨 REGULATION
ALERT AFFECTING YOUR BUSINESS 🚨
The Corporate Transparency Act (CTA) and Your Small
Business
Small business owners, the Corporate Transparency Act (CTA)is here, and it brings important changes you can’t afford to miss! The CTA is designed to combat financial crimes like money laundering by requiring reporting companies to disclose information about their Beneficial Owners to the Financial Crimes Enforcement Network (FinCEN). Regardless whether I agree with what and how this is being done, it is my responsibility to make you aware.
Who is a Beneficial Owner?
- Any individual with substantial control over the company.
- Any person who owns or controls at least25% of the company’s ownership interests.
💡 Why Should You
Care? Failure to comply with this new law can result in:
- Daily fines of $500 for failure to file or update information.
- Criminal penalties up to $10,000 and 2 years in prison for knowingly providing false information.
📅 Important
Deadlines:
- Existing companies(formed before Jan 1, 2024) must report byJanuary 1, 2025.
- New companies must report within 90 daysof formation in 2024 and 30 days after Jan 1, 2025.
Handling government filings can be time-consuming and
sensitive. Many small businesses don’t have the resources or expertise to
navigate the complexities of government compliance. That’s where we come in!
