December 13 @ 12:30 pm - 1:30 pm
Attention business owners! This is the webinar you need for information on CTA compliance.
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.
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.