It wouldn’t be a new year without some new regulations from the Federal Government. This year all executives should be aware of the Corporate Transparency Act. J.D. Maher of Archford Capital Strategies (and member of my Advanancing Leaders Group 7622 sent) me the following recap and accompanying link that explains the act, who it applies to and filing requirements.
————–
“As we embark on 2024, Archford has been carefully monitoring a significant development that affects many small businesses – the enactment of the Corporate Transparency Act (CTA) which now mandates the filing of the Beneficial Ownership Information Report (BOI Report) for most small businesses. This new law took effect on January 1, 2024.
The federal government created the CTA to stop illicit activities such as money laundering and fraud by enhancing transparency regarding business ownership and management. This federal law mandates that businesses, including LLCs, FLP’s and corporations, submit a BOI Report to the Financial Crimes Enforcement Network (FinCEN). For newly established businesses, the filing deadline is within 90 days of creation, while businesses in existence before January 1, 2024, are required to file by December 31, 2024.
Key information demanded by the law includes details regarding substantial owners and individuals exercising significant control over the company.
To assist our clients who own or run any business entities in navigating through these requirements, Archford has prepared a comprehensive summary document. This document outlines key terms and crucial details to help you determine whether you qualify for exemptions or, if not, the necessary information required for BOI Report compliance. You can access this summary on our website: www.archfordcapital.com/BOIReport. Stay informed by visiting our website for updates and insightful videos on navigating the BOI Report.
For additional insights, please refer to the FinCEN compliance guide accessible through this link: https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide_FINAL_Sept_508C.pdf.
Emphasizing the critical importance of adhering to this law, it’s imperative to note that non-compliance could lead to significant civil and criminal penalties. Additionally, please be vigilant, as the government has indicated they will not directly send information regarding this topic to business owners. “
