Somita Basu’s Post

On January 1, 2024, the Corporate Transparency Act (CTA) became effective. Every corporation, limited liability company (LLC), limited partnership and any entity whose existence is created by a filing with a Secretary of State in any state must file with the Financial Crimes Enforcement Network (FinCEN). If a business, big or small, is part of your estate plan, it's time to schedule an appointment with your attorney! https://ow.ly/FseG50QQIMZ #estateplanning

On January 1, 2024, the Corporate Transparency Act (CTA) became effective. Every corporation, limited liability company (LLC), limited partnership and any entity whose existence is created by a filing with a Secretary of State in any state must file with the Financial Crimes Enforcement Network (FinCEN). If a business, big or small, is part of your estate plan, it's time to schedule an appointment with your attorney! https://ow.ly/FseG50QQIMZ #estateplanning

Under the Corporate Transparency Act (CTA), which took effect January 1, 2024, many business entities including small limited liability companies (LLCs) and partnerships are required to file reports with the Treasury Department’s Financial Crime Enforcement Network (FinCEN). In these filings, applicable businesses must disclose important information about their entity. However, recent developments have called into question the constitutionality of these requirements. Read our update on the Corporate Transparency Act here: https://lnkd.in/gTSTq_tp

Corporate Transparency Act or CTA is a new law. Have you heard of this new rule? If you are a business owner you need to file before the year is over. This is a new federal law that was enacted in 2021 to help prevent and combat financial crimes and other misconduct. The CTA requires many companies that do business in the United States to disclose information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a bureau of the United States Treasury. You will want to talk to your business attorney to make sure you are in compliance. You can simply go online and file for yourself. The most important thing is that you file. Go do it. You got this. #cta #corporatetransparencyact #wealthadvisor

Corporate Transparency Act or CTA is a new law. Have you heard of this new rule? If you are a business owner you need to file before the year is over. This is a new federal law that was enacted in 2021 to help prevent and combat financial crimes and other misconduct. The CTA requires many companies that do business in the United States to disclose information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a bureau of the United States Treasury. You will want to talk to your business attorney to make sure you are in compliance. You can simply go online and file for yourself. The most important thing is that you file. Go do it. You got this. #cta #corporatetransparencyact #wealthadvisor

Under the Corporate Transparency Act (CTA), which took effect January 1, 2024, many business entities, including small limited liability companies (LLCs) and partnerships, are required to file reports with the Treasury Department’s Financial Crime Enforcement Network (FinCEN). In these filings, called Beneficial Owner Information (BOI) Reports, applicable businesses must disclose important information about their entity. Recent developments have called into question the constitutionality of these requirements. Read this week’s blog to find out more! ▶️ https://lnkd.in/gNk8TJe2 #treetownlaw #relationshipsvalueslove #estateplanning #comprehensiveestateplanning #trustsandestates #family #busyfamilies #relationship #values #AnnArborfamilies #AnnArborestateplanningattorney #MIfamilies #MIestateplanningattorney

The Corporate Transparency Act (CTA) took effect on January 1, 2024, adding another layer of compliance for most businesses. While there are notable exemptions to the CTA, most companies must file certain information on their “beneficial owners” with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). It is important for business owners to understand their obligations under the CTA since the potential penalties for noncompliance are severe. FLB Law Partner Rick Costantini highlights a few things every business should know about their reporting obligation. #FLBLaw #corporatelaw #CorporateTransparency

The Corporate Transparency Act (CTA) took effect on January 1, 2024, adding another layer of compliance for most businesses. While there are notable exemptions to the CTA, most companies must file certain information on their “beneficial owners” with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). It is important for business owners to understand their obligations under the CTA since the potential penalties for noncompliance are severe. FLB Law Partner Rick Costantini highlights a few things every business should know about their reporting obligation. #FLBLaw #corporatelaw #CorporateTransparency

Important Update: Corporate Transparency Act Enforcement Halted Nationwide A federal judge in Texas has issued a nationwide injunction against the enforcement of the Corporate Transparency Act (CTA), deeming it likely unconstitutional. The CTA required businesses to report beneficial ownership information to the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN). This ruling halts the implementation of these reporting requirements, which were set to take effect on January 1, 2024. Business owners should stay informed as this legal development unfolds, as it may impact compliance obligations. #CorporateTransparencyAct #FinCEN #BusinessCompliance #LegalUpdate

--- 🚨 Attention Corp/LLC Owners, 🚨 In accordance with the Corporate Transparency Act (2021), the Financial Crime Enforcement Network (FinCEN) mandates that most small businesses in the U.S. must file a Beneficial Ownership Information Report (BOIR) by January 1, 2025. Non-compliance could incur penalties of up to $500 per day and potentially result in legal repercussions such as imprisonment. It is crucial to remain compliant, and ensure prompt submission. Connect with our experienced team members for a smooth and efficient process, particularly if you manage multiple reporting companies. We will bring your entities in full compliance, seamlessly and accurately. We service CPAs, Attorneys, Real Estate Specialists and entrepreneurs. #Compliance #BusinessRegulations Stay compliant, stay secure! 🔒