Counter Point HCM’s Post

𝗦𝗘𝗖 𝗠𝗲𝗺𝗼𝗿𝗮𝗻𝗱𝘂𝗺 𝗖𝗶𝗿𝗰𝘂𝗹𝗮𝗿 𝗡𝗼. 𝟬𝟲-𝟮𝟬𝟮𝟰 Updated Fines and Penalties on the Late and Non-Submission of Audited Financial Statements and General Information Sheet and Non-Compliance with SEC MC No. 28-2020 Read it here: https://lnkd.in/gYTpy_VU #BDBLaw #WTSGlobal #TaxLawPH #SEC #AuditedFinancialStatements #GeneralInformationSheet #FinesPenalties #MC28 #Late #NonFiling #NonCompliance

🚨 Reminder for Business Owners! 🚨 The January 1, 2025 deadline to comply with the Corporate Transparency Act (CTA) is fast approaching! All LLCs, corporations, and other entities may need to report their beneficial ownership information to FinCEN or face severe penalties—up to $10,000 in fines or even imprisonment. 🕒 Don’t wait until it’s too late. Protect your business by getting ahead of the deadline. Learn more in our latest blog and let WFJ help you stay compliant! https://bit.ly/3Oz5WPl

Though the litigation regarding the constitutionality of Corporate Transparency Act ("CTA") continues in the U.S. Court of Appeals for the Eleventh Circuit, it is no longer the question (at least in 2024) that all eligible entities must file a beneficial ownership information report ("BOIR") NO LATER THAN JANUARY 1, 2025 at the latest. We recently published version 2.0 (September 2024) of the Six-Step Quick Guide to the Beneficial Ownership Information (“BOI”) Reporting Rules of the CTA to provide you a quick overview of the BOI Reporting Rules and how you can comply with them with six simple steps. Check it out, and let's talk if you have any questions!

Discover the Hidden Key to Protecting Your Business from Financial Crime! 🔐💼 🚨 Attention Business Owners, CPAs, and Attorneys! Did you know that knowing beneficial ownership is crucial in safeguarding your business from financial crime? It's time to dive into the essentials of FINCEN and IRS compliance to protect your assets and stay ahead of potential risks. 📊 Why It Matters: - Prevent money laundering and other financial crimes - Ensure transparency and accountability - Comply with federal regulations and avoid hefty fines 📌 Take Action Now! For expert guidance on these complex regulations, contact our Founder & CPA, Anshul Goyal, at anshul@incencred.com or schedule a meeting by visiting incencred.com . Stay compliant, stay secure, and protect your business today! 🔒✨ #FinancialSecurity #BusinessProtection #TaxCompliance #FINCEN #IRS #CPA #TaxExpert #BusinessOwners #ComplianceMatters #USBusinessAbroad #ProtectYourAssets

Status of the Corporate Transparency Act As of January 9, 2025, the Corporate Transparency Act (CTA) is on hold due to a nationwide injunction. While the injunction is in place, reporting companies do not need to file their beneficial ownership information reports or update any previously filed reports. The CTA, via the United States Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”), was enacted to help the government investigate improprieties, such as fraud or tax evasion, by corporate entities or owners. The United States Supreme Court is expected to review this matter and determine if the injunction should be in place. We will be expecting a decision within the next few weeks.

#FSPs have a statutory duty to ensure that only competent, honest people with integrity, who are of good standing, render financial services on their behalf within the #financialservices sector, writes@ Keryn Layton McCann, a senior associate at Bowmans (Law Firm). McCann explains the legal reasons for debarring an FSP’s representative or key individual and the process to follow. #financialplanning #debarment #regulation #Finance

As posted here on Tuesday evening, the Fifth Circuit Court of Appeals' issued a decision to reinstate the requirement for compliance with the Corporate Transparency Act (CTA). In response, the Financial Crimes Enforcement Network (FinCEN) issued short deadline extensions for some - but not all - reporting entities. For a detailed review of the new reporting deadlines, click here: https://lnkd.in/gs5MqGja

BOI Merry Christmas Following the appellate court's ruling, the Financial Crimes Enforcement Network on Monday night offered a series of short filing extensions to those companies with upcoming due dates:  Companies created or registered prior to Jan. 1, 2024, now have until Jan. 13, 2025, to file their initial BOI reports with FinCEN. This is an extension from the original Jan. 1, 2025, deadline. Companies with an original reporting deadline between Dec. 3, 2024, and Dec. 23, 2024, these companies now have until Jan. 13, 2025, to file. Companies created or registered between Dec. 3, 2024, and Dec. 23, 2024, have an additional 21 days from their original filing deadline to submit their reports.

“ Ring fencing your assets and wealth” Ring-fencing” assets refers to the practice of separating certain assets or funds from others to protect them from risks, such as creditors or operational losses. This is commonly used in finance and law to safeguard specific resources, ensuring they remain available for designated purposes. If you’re considering this strategy, it might involve legal structures, special accounts, or regulatory compliance depending on the context. Would you like more advise on a specific aspect around it ? Text me @ 9316015274

NEW UPDATE - Nationwide Injunction on CTA Reporting Requirements Reinstated – Enforcement Halted Once Again As of December 26, 2024, the Fifth Circuit Court of Appeals has reinstated the nationwide injunction against the Corporate Transparency Act (CTA) reporting requirements. This means that Reporting Companies are no longer required to file their initial Beneficial Ownership Information (BOI) reports until further notice. In this latest development, the Fifth Circuit vacated a December 23, 2024 order that had temporarily reinstated the CTA’s compliance deadlines. The court clarified that this move was to preserve the constitutional status quo while it deliberates the case’s substantive arguments. The appeal is currently being reviewed on an expedited basis. At this time, the Financial Crimes Enforcement Network (FinCEN) has not issued a formal response. The situation remains fluid, and further updates are expected soon. We’re closely monitoring these developments to ensure you remain informed. As always, we recommend consulting with your compliance advisors to understand how these changes may impact your business entities. Stay tuned for more updates as they unfold!