Navigating the Corporate Transparency Act with Archford
As we embark on 2024, Archford has been carefully monitoring a significant development that affects many small businesses – the enactment of the Corporate Transparency Act (CTA) as of January 1st, 2024.
The federal government created the CTA to stop illicit activities such as money laundering and fraud by enhancing transparency regarding business ownership and management. This federal law mandates that businesses, including LLCs, FLP’s and corporations, submit a report to the Financial Crimes Enforcement Network (FinCEN). For newly established businesses, the filing deadline is within 90 days of creation, while businesses in existence before January 1, 2024, are required to file by December 31, 2024.
Key information demanded by the law includes details regarding substantial owners and individuals exercising significant control over the company.
To assist our clients who own or run any business entities in navigating through these requirements, Archford has prepared a comprehensive summary document. This document outlines key terms and crucial details to help you determine whether you qualify for exemptions or, if not, the necessary information required for CTA compliance.
Additional information can be found on the BOI FinCEN government website:
Contact Us Today: Beneficial Ownership Information Report
Emphasizing the critical importance of adhering to this law, it’s imperative to note that non-compliance could lead to significant civil and criminal penalties. For any inquiries, consider consulting with your attorney or reaching out to our Archford team members.
Additionally, please be vigilant, as the government has indicated they will not directly send information regarding this topic to business owners. If you receive any letters or emails related to this matter, don’t hesitate to inform us, and we’ll be happy to assist in reviewing them.