December 13, 2023 @ 12:30 pm - 1:30 pm
Attention business owners! This is the webinar you need for information on CTA compliance.
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The Corporate Transparency Act (CTA) will usher in new reporting requirements starting January 1, 2024. If you have a corporation, limited liability company, or other similar entity, this is crucial information.
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During this webinar, you will learn the essentials to get started on CTA compliance. Failure to comply may result in high fines (up to $10,000 per violation), and criminal charges. Don’t gamble with your business’s future. Make sure you know the details for compliance.
Martone Law Firm can help.
- The CTA goes into effect on January 1, 2024, and requires reporting companies to provide certain information to FinCEN about the business and the beneficial owners of the business.
- A reporting company subject to the CTA is a corporation, LLC, or other similar entity created by filing a document with the secretary of state or a similar office under the laws of a state or Indian tribe or that was formed under the laws of a foreign country and registered to do business in the United States.
- The initial report must include the company’s legal name, principal place of business, jurisdiction where the company was formed, and tax identification number.
- A reporting company must also report the name, address, date of birth, and a unique identification number from an acceptable identification document for all beneficial owners.
- A beneficial owner is someone with a 25 percent or more ownership interest or who has substantial control over the reporting company.
- Reporting companies created on or after January 1, 2024, must provide the name, address, date of birth, and unique identification number for the company applicant.
- The CTA will apply to most small businesses unless they fall within certain exemptions under the law, which primarily apply to industries that are already heavily regulated. A business may also be exempt from these requirements if the business employs more than 20 full-time employees, filed a return showing more than $5 million in gross receipts or sales, and has a physical office located within the United States.