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In 2024, over 30 million businesses will need to meet new compliance requirements. The Corporate Transparency Act (CTA) takes effect on January 1st and mandates U.S. companies to file Beneficial Ownership Information (BOI) reports with FinCEN. All types of businesses will be impacted by the CTA. However, startups may find BOI reporting requirements especially challenging. […]
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If you run a small business, you’ve probably never heard of the Financial Crimes Enforcement Network, or “FinCEN”. However, starting in 2024, over 30 million businesses in the U.S. will need to get familiar with this government agency. With the Corporate Transparency Act going into effect, businesses of all sizes are preparing for new federal […]
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Business entities operating in the United States need to prepare for new compliance requirements taking effect on January 1, 2024. The Corporate Transparency Act (CTA) requires LLCs and corporations to submit BOI reports to FinCEN. These reports contain basic information about a company’s significant owners and important decision makers. Whether your business is a solo […]
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In a time where financial transparency is essential, the Corporate Transparency Act (CTA) brings new compliance requirements for U.S businesses. Understanding these new requirements is crucial for business owners, managers, and stakeholders to avoid significant penalties, including fines and jail time. Starting January 1st, 2024, U.S. businesses will need to disclose information about their […]
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Starting January 1st, 2024, owners of U.S. businesses will need to comply with new rules. The Corporate Transparency Act (CTA) is a federal law that requires business entities, like LLCs and corporations, to report information about their owners to the Financial Crimes Enforcement Network (FinCEN). These new reports are called “Beneficial Ownership Information Reports”. Honest […]
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The Financial Crimes Enforcement Network (FinCEN) has issued a final rule for creating a beneficial ownership registry pursuant to the Corporate Transparency Act (CTA). The law requires corporations, limited liability companies (LLCs), and other entity types to disclose information about individuals connected to these companies. In particular, the ultimate beneficial owners, who are the human […]
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Law enforcement does not have access to tax returns showing income and salaries or wealth. This was a policy decision following President Nixon’s administration. It was to avoid the risk that political enemies would access your tax history to use against you. Nevertheless, it is about to become fair game for law enforcement to see […]
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