EdgarAgents (EA)’s Post

Important Update for Business Owners: FinCEN BOI Reporting Requirement The Corporate Transparency Act (CTA) mandates that certain businesses disclose their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). While this requirement was set to take effect, a federal court recently issued a preliminary injunction halting its enforcement nationwide due to constitutional concerns. The U.S. Department of the Treasury has appealed the decision, and the situation remains fluid. Here’s what businesses should do in the meantime: Stay Informed: Monitor updates from FinCEN and legal advisories to keep track of any changes. Prepare Documentation: Although enforcement is currently paused, gather the necessary BOI information in case compliance requirements resume. Consult Legal Counsel: Seek professional advice to understand how these developments impact your business. Non-compliance with the CTA, if reinstated, could result in significant penalties. Staying prepared ensures your business is ready for any outcome. #businesstips #legalresource #boi #fincen #cta #businesslaw #chicagolawfirm #chicagosuburbs #businessowner #legaltips

🚨 Understanding the Corporate Transparency Act: What It Means for Your Business 🚨 The Corporate Transparency Act (CTA) is here, and it's crucial for businesses of all sizes to understand its implications and requirements. 🔍 Are you aware of the new compliance requirements under the Corporate Transparency Act (CTA)? Key Points Summarized: 1. Overview of the CTA: The CTA mandates that businesses report beneficial ownership information to FinCEN to combat financial crimes like tax fraud and the use of shell companies. 2. Compliance Requirements: All corporations, LLCs, and similar entities must disclose their beneficial owners to ensure transparency. 3. Filing Requirements: Information must be submitted to FinCEN, including personal details of beneficial owners. 4. Penalties for Non-Compliance: Severe penalties await those who fail to comply, including hefty fines and potential criminal charges. 📢 Don't wait until it's too late! Ensure your business is fully compliant with the CTA by consulting with legal and financial experts. Stay informed and safeguard your business against potential penalties. #CorporateTransparencyAct #CTA #BusinessCompliance #FinCEN #CompleteController #business #smallbusiness #entrepreneur #success #accounting #accountant #compliance

This morning the Attorney General, the Hon Mark Dreyfus, presented the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 to the House of Representatives ('HoR'). The Bill includes amending legislation that (among other things) will extend AML/CTF obligations to 'professional services' including legal practitioners, accountants, insolvency and restructuring practitioners, conveyancers, consultants, financial planners, wealth advisors, business brokers, company secretarial service providers and trust and company service providers. Common services that may be caught under the proposed new laws include: 🔈 Providing registered office, business address, correspondence or administrative services for a company, partnership or other legal person or arrangement. 🔈 Managing client money, assets, bank or savings accounts (e.g., Family office, bookkeeping services) 🔈 Assisting with the planning or execution of, or otherwise acting for a person in relation to a real estate transaction (including preparing or reviewing the contract for sale and transfer of land, researching property titles etc) 🔈 Assisting with the planning or execution of, or otherwise acting for a person in relation to the sale/purchase/transfer of a body corporate or 'legal arrangement' (e.g., preparing or reviewing contracts for sale, conducting or advising on due diligence including valuations & financial/tax DD, preparing ASIC documents to transfer a body corporate on behalf of a client, drafting and reviewing trust deeds, documents, corporate agreements, business documents, company constitutions, partnership agreements, shareholder agreements etc) There are some limited exceptions to the proposed requirements (e.g., family law transfers, deceased estate transfers) and some LPP protections that purportedly address concerns around reporting obligations under the proposed legislation. The Bill and the Explanatory Materials are substantial. I highly recommend that professionals who provide accounting, legal, tax, corporate secretarial services, real estate professionals etc take the time to read the materials as the breadth of the proposed new obligations for professional services providers is extremely broad and will impact on the provision of common 'everyday' services. Link to the Bill and EM in the comments. (views expressed are my own) #AML #CTF #accountants

Client Alert: Upcoming FinCEN CTA Reporting Deadline The CTA mandates disclosure to combat financial crimes, and non-compliance may result in significant penalties. Berger Singerman’s CTA Task Force is available to assist you in navigating these complex requirements. Ensure your compliance by reaching out to our team at info@bergersingerman.com. #CorporateTransparencyAct #CTAFiling #Compliance #BergerSingerman #BusinessLaw #FinCEN

LLC or Corporations must register with FinCEN by the end of the year. If you have an LLC or Corporation, it needs to be registered with the Financial Crimes Enforcement Network (FinCEN) by the end of the year. Penalties for non-registration are $500 PER DAY. Here's what you need to know: ▪️ Who needs to file? You need to file a report if your company meets the definition of a "reporting company" and is not exempt from filing. LLCs, corporations, and any companies created by filing documents with the secretary of state are considered reporting companies. ▪️ Exemptions: The following are exempt from filing: 1. Inactive companies 2. Accounting firms Investment advisors 3. Large operating companies 4. Insurance companies In general, an average small business owner will most likely need to file a BOI report. #LLC #Corporation #FinCEN #Registration #BOIReport #SmallBusiness #BusinessOwners #FinancialCompliance #BusinessRegulations #CompanyRegistration #Penalties #ReportingCompany #BusinessExemptions #BusinessLaw #FinancialCrimesEnforcement #EndOfYearDeadline #Accountingpro

Are You Ready for the New BOI Compliance Requirement? Attention small business owners: A mandatory new federal reporting requirement is coming up. Under the Corporate Transparency Act, many businesses need to file Beneficial Ownership Information (BOI) with FinCEN by December 31, 2024. This means reporting details about your business’ beneficial owners, including their full name, date of birth, address, and government-issued ID information. Missing the deadline could result in fines of up to $500 per day—something no business wants to deal with! If you’re feeling unsure about where to start, I’m here to help. At Smith Patrick CPAs, we’re making the BOI filing process simple and stress-free. Reach out to me here on LinkedIn or through the link in the comments. @SmithPatrickCPAs #SmallBusiness #Compliance #CorporateTransparency #BOI #SmithPatrickCPAs https://lnkd.in/gEG3B3w5

Business Owners: New 2024 Reporting Requirements Alert! The Corporate Transparency Act is now in effect, requiring many small businesses to report ownership information to FinCEN. Are you affected? Visit our article for the full breakdown and next steps. Your attorney can help ensure compliance! #BusinessCompliance #CorporateTransparencyAct #SmallBusiness #Rea

Business Owners: New 2024 Reporting Requirements Alert! The Corporate Transparency Act is now in effect, requiring many small businesses to report ownership information to FinCEN. Are you affected? Visit our article for the full breakdown and next steps. Your attorney can help ensure compliance! #BusinessCompliance #CorporateTransparencyAct #SmallBusiness #Rea

BOI FILING REQUIREMENT: There is a mandatory requirement for small business - LLC's, Partnerships and non- public, small S and C corporations to file a "Beneficial Ownership Information" statement with the Dept. of Treasury - FINCEN dept. by No later than Dec. 31 , 2024 - for businesses that were in existence prior to 2024 and even earlier within 30 days for those started this year. The penalty for not filing or late filing is Draconian - $500 per day minimum plus plus and even imprisonment. Reason for this filing requirement is to disclose who owns entities in question. Since, bad actors were hiding behind such entities and committing corruption, drug dealing and other illegal activities. Contact your CPA or Corporate Attorney to assist you with this filing. Contact me if you need further info on this. I do not generally file this on clients behalf, unless they are existing clients or future ones and they qualify. This is serious and the penalties are prohibitive. So advice you to do the filing soon. My email Sugu.atmt@sbcglobal.net for any short questions only please.

Business Owners: New 2024 Reporting Requirements Alert! The Corporate Transparency Act is now in effect, requiring many small businesses to report ownership information to FinCEN. Are you affected? Visit our article for the full breakdown and next steps. Your attorney can help ensure compliance! #BusinessCompliance #CorporateTransparencyAct #SmallBusiness #Rea