🛑Attention‼️ Business Owners News that you NEED to know‼️

➡️The Corporate Transparency Act (CTA) was a bipartisan law enacted by Congress on January 1, 2021. This mandates the creation of a database of “Beneficial Ownership Information” (BOI) and the filing of Beneficial Information effective January 1, 2024. The stated purpose of the law is to combat money laundering and the concealment of illicit money through shell companies in the United States

🔶 Effective January 1, 2024, every existing, amended, or new corporation, Limited Liability Company, or other entity created by filing registration documents with a secretary of state (or foreign entity registering to do business in the state), must file with Financial Crimes Enforcement Network (FinCEN): the business name, current address, state of formation and EIN of each entity, as well as the name, birth date, address, and government-issued photo ID (such as a driver’s license or passport) of every direct or indirect Beneficial Owner of the entity.

❌️Not filing this report comes with substantial penalties for failure to comply ($500 a day up to $10,000, and up to 2 years in jail)

‼️ Now is the time for business owners to find a professional advisor who is becoming familiar with the regulations and preparing for the wave of reporting requirements.

➡️Only a few are exempt from this requirement: Sole-Proprietors doing business under their social, Businesses with 20+ employers and 5mill+ income.

I can help you file your report on time to prevent penalties.

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