FinCEN’s Final Rule for Beneficial Ownership Reporting

Corporate Transparency Act: Exemptions and Penalties

What is the Corporate Transparency Act and why was it passed?

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The Corporate Transparency Act could mean the end of shell companies: Your business may be required to file beneficial ownership information with FinCEN starting in January 2024.

Highlights Which companies will need to file beneficial ownership reports as a “reporting company”? The Corporate Transparency Act requires any corporation or LLC to file a beneficial ownership report with the Financial Crimes Enforcement Network (FinCEN) unless they qualify as a “large operating company,” meaning they employ more than 20

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Learn more about the Corporate Transparency Act

penalties exemptions

Corporate Transparency Act: Exemptions and Penalties

This article is the third in a series about the Corporate Transparency Act (CTA), 2022. Today, we take a look at which companies are exempt from filing, and what the penalties are for not filing. Exemptions It’s easier to figure out which companies have to file a CTA report by understanding which companies are exempt from filing such a report.

Read More >
us capitol building

What is the Corporate Transparency Act and why was it passed?

The Corporate Transparency Act will affect millions of small businesses, yet reading the full version would take several hours and possibly a law degree. So here’s a series of articles to make the CTA more understandable. What is the Corporate Transparency Act? The Corporate Transparency Act (CTA) was ratified on January 1, 2021, as part of the 2021 National Defense

Read More >
beneficial owners business

Beneficial Owners and Required Submissions

The Corporate Transparency Act aims to prevent money laundering, by requiring companies to report identifying information that would enable law enforcement to track their activities. In this second article in our series, we focus on what information that needs to be filed. Who Is a Beneficial Owner? The CTA requires reporting companies to identify their beneficial owners, defined by the

Read More >
timelines

Timelines for Initial CTA Reports and Updates

This article is the last in a four-part series about the Corporate Transparency Act 2022 (CTA). To  prevent criminals from laundering their illegal funds through the U.S. financial system, the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) requires certain companies to file a report with identifying information, to track their activity. This article will focus on the timelines

Read More >
penalties exemptions

Corporate Transparency Act: Exemptions and Penalties

This article is the third in a series about the Corporate Transparency Act (CTA), 2022. Today, we take a look at which companies are exempt from filing, and what the penalties are for not filing. Exemptions It’s easier to figure out which companies have to file a CTA report by understanding which companies are exempt from filing such a report.

Read More >
us capitol building

What is the Corporate Transparency Act and why was it passed?

The Corporate Transparency Act will affect millions of small businesses, yet reading the full version would take several hours and possibly a law degree. So here’s a series of articles to make the CTA more understandable. What is the Corporate Transparency Act? The Corporate Transparency Act (CTA) was ratified on January 1, 2021, as part of the 2021 National Defense

Read More >
beneficial owners business

Beneficial Owners and Required Submissions

The Corporate Transparency Act aims to prevent money laundering, by requiring companies to report identifying information that would enable law enforcement to track their activities. In this second article in our series, we focus on what information that needs to be filed. Who Is a Beneficial Owner? The CTA requires reporting companies to identify their beneficial owners, defined by the

Read More >
timelines

Timelines for Initial CTA Reports and Updates

This article is the last in a four-part series about the Corporate Transparency Act 2022 (CTA). To  prevent criminals from laundering their illegal funds through the U.S. financial system, the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) requires certain companies to file a report with identifying information, to track their activity. This article will focus on the timelines

Read More >