01/08/2024
In 2024 there is a new reporting requirement.
Beginning January 1, 2024, a Federal regulation called the “Corporate Transparency Act” goes into effect requiring most CORPs, LLCs, PAs, and other entities doing business in the U.S. to file a report online with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) disclosing all the individuals (called BOIs) who: (1) Own at least 25% of the entity; or (2) Exercise substantial control over the business entity (e.g. senior officer, authority to appoint or remove, important decision-maker, other forms of substantial control).
My January Article discusses: (1) Is there a Fee? (Answer: No.); (2) Penalties for Not Reporting? (3) Purpose of the New Law? (4) Who is a Beneficial Owner (BOI) for Reporting Purposes? (5) When Do I have to File? (6) When Do I have to report changes? (7) Is there an Annual Reporting Requirement? (8) Which Companies are exempt from Reporting? (9) How do Companies and BOIs Report? (10) Is my information Confidential? (11) What information Does the Reporting Company and its BOIs need to Report? (12) and more…
https://www.ftic.net/2023/12/29/corporate-transparency-act/
