Henry Kazar’s Post

A Director Identification Number is now mandatory. Learn from expert James Le Messurier about what this means for you in our detailed article. #CorporateGovernance #DIN #RegulatoryCompliance #AustralianBusiness #Directorship https://lnkd.in/gHTNi6Ng

Directors, take note: Obtaining a Director Identification Number (DIN) is now a legal necessity in Australia. The Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020 has introduced a requirement for all directors to obtain a DIN to enhance corporate transparency and accountability. This crucial identifier assists in the prevention of illegal phoenix activity and safeguards the integrity of the corporate landscape. Authored by James Le Messurier, our latest article explores the significance of the DIN, the process for acquisition, and the penalties for non-compliance. Ensure your clients are informed and in step with the new regulations. Dive into the full analysis here: https://lnkd.in/g-365zzp #CorporateGovernance #DIN #RegulatoryCompliance #AustralianBusiness #Directorship

The Corporate Transparency Act (CTA) requires many businesses to file Beneficial Ownership Information Reports (BOIR) by December 31, 2024. The U.S. Treasury estimates that 32.5 million entities will need to comply. The Act, which aims to enhance transparency and combat criminal activity, mandates that companies submit details about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), including addresses and identity documents. Failure to comply can result in substantial fines and imprisonment. Businesses should familiarize themselves with the reporting requirements, designate responsible personnel, and consult a tax advisor to ensure compliance. Read more from AZ Big Media in the comments below. #FileWithConfidence #Accounting #CPA #SmallBusiness #IRS #BeneficialOwnership #Compliance #FinCEN #BusinessOwner #Accountant

‼️ATTN: Small Business Owners, LLCs, and Corporations‼️ A federal court has temporarily blocked enforcement of the Corporate Transparency Act’s Beneficial Ownership Information (BOI) reporting requirements, which took effect on January 1, 2024. Why Was the BOIR Introduced? The BOIR was created to combat financial crimes like tax fraud and money laundering. Historically, bad actors have used corporate structures, such as shell companies, to hide their identities, launder money, and conceal assets. This misuse not only threatens U.S. economic prosperity but also endangers national security. The law aimed to increase transparency in the ownership of certain entities, including LLCs, to prevent such activities. What to Know Now: - The BOI filing deadline is currently on hold. - Updates are expected as courts review the constitutionality of the law. Stay informed as this legal battle unfolds—this could impact how businesses handle transparency and compliance in the future. 👉 Want to dive deeper into what the Corporate Transparency Act and the BOIR mean for your business? Learn why the law was introduced, why it's being blocked, and what this means for compliance moving forward. Read the full blog here: https://lnkd.in/gEJg25qX Share with a business owner and help them stay informed! #CorporateTransparencyAct #SmallBusiness #BusinessCompliance #BOIR #boi #BusinessLaw #businesslaws2024 #businesslaws #share

To comply with the Corporate Transparency Act (CTA), businesses in the U.S. are required to file beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN). The CTA aims to combat money laundering, terrorism financing, and other illicit financial activities by increasing transparency about who owns and controls companies. To learn more about which businesses needs to file under the CTA, what information is required for filing, and the deadlines associated click the link below. #accounting #accountingtips #CorporateTransparencyAct #smallbusinessownersupport

𝐂𝐑𝐈𝐓𝐈𝐂𝐀𝐋 𝐔𝐏𝐃𝐀𝐓𝐄 𝐅𝐎𝐑 𝐁𝐔𝐒𝐈𝐍𝐄𝐒𝐒 𝐎𝐖𝐍𝐄𝐑𝐒  The Corporate Transparency Act (CTA), which required most small businesses to file a Beneficial Ownership Information (BOI) report by January 1, 2025, has hit a legal roadblock. A federal court injunction has put the deadline on pause, and now, the U.S. Treasury Department is appealing the decision. 𝐖𝐡𝐚𝐭 𝐝𝐨𝐞𝐬 𝐭𝐡𝐢𝐬 𝐦𝐞𝐚𝐧 𝐟𝐨𝐫 𝐘𝐎𝐔? It means that compliance deadlines and filing obligations could change. This ruling directly impacts small businesses across the country, and we want you to be ready. Don't wait to act. Consult legal counsel to understand how this may affect your business. Stay updated by monitoring https://www.fincen.gov/boi 𝐏𝐫𝐨 𝐭𝐢𝐩: Stay on top of these updates. If you plan to file early, make sure you’re aware of any changes that could affect your process. #BlackEcoChamber #BusinessCompliance #SmallBusinessUpdate #CTA #RegulatoryUpdate #BusinessOwners #StayReady

A preliminary injunction was issued against the enforcement of the Corporate Transparency Act last week on December 3, 2024. The U.S. government filed an Notice of Appeal just 2 days after the ruling. How will professionals navigate this time of uncertainty? Check out our article below. #CTA #FinCEN #Appeal #BOIR #BOI #Injunction #Compliance #Government #Uncertainty https://lnkd.in/gzWbBp7Z

What has #ASIC #enforcement been up to? The #MackayChapman October 2024 enforcement wrap is on our website and can be accessed below. Put together by director Dan Mackay and associate Wilfred Cheng, the wrap gives you a summary of ASIC enforcement actions and outcomes for the month. Check it out below #ASIC #regulation #regulatory #regulatorylaw #regulatoryenforcement #corporationsandsecurities #financialservices

Under the Corporate Transparency Act (CTA), many business entities, including LLCs, limited partnerships, and corporations formed in the U.S., must disclose their beneficial owners to FinCEN by December 31, 2024. This applies to entities formed for estate planning purposes, where trustees and sometimes beneficiaries are considered beneficial owners. Entities formed during 2024 have 90 days to file, and those formed in 2025 or later must file within 30 days. The CTA is designed to combat financial crimes like money laundering and tax fraud, and non-compliance can lead to serious civil and criminal penalties. If your entity was formed before 2024, it’s important to ensure compliance before the deadline. Blank Rome LLP is available to provide guidance and help navigate the filing process. Read more from JD Supra and Blank Rome LLP in the comments below. #FileWithConfidence #Accounting #CPA #SmallBusiness #IRS #BeneficialOwnership #Compliance #FinCEN #BusinessOwner #Accountant

The introduction of the Economic Crime and Corporate Transparency Act (ECCTA) was a significant moment for Companies House. If you are a business owner or hold office as a company director, it is crucial that you are aware of these recent changes to ensure you are compliant. While some measures in the ECCTA will take several years to implement, other changes affect your business now and financial sanctions can be imposed for non-compliance. It’s important to make note of when these changes come into effect so internal business policy and procedure can be updated to fall in line with the ECCTA changes. Jen Goodwin, Head of Corporate and Associate Director at Myers & Co, details what you need to know about the ECCTA and the types of changes you may need to make within the context of your business. Read more here: https://ow.ly/7ims50RmjWu