Do you own any Corporations, Limited Liability Companies (LLCS) and/or any other entities that are created by filing a document with the Secretary of State, including Business Trusts and Limited Partnerships ? If so,
The Federal Corporate Transparency Act (CTA) is now in effect, and will most likely apply to you. It is intended to discourage and catch money laundering, it requires you to report, by filing online with the federal government (specifically, the financial crimes enforcement network, known as “FINCEN”), information about your business entity and of its certain owners and controlling persons.
What does this mean?
Well, for entities in existence before January 1, 2024, reporting to FINCEN in accordance with the act must be accomplished by January 1, 2025. For entities created this year, reporting must occur within ninety (90) days of formation, and for entities formed on and after January 1, 2025, within thirty (30) days after formation.
There are serious civil and criminal penalties for failing to comply with the CTA, including fines and imprisonment.
If you would like assistance and a personal consultation, we are now providing FINCEN filing services and would be pleased to assist you with your filing.