Corporate Transparency Act
The Corporate Transparency Act ("CTA") was enacted by congress on January 1, 2021, as a part of the National Defense Authorization Act, This is a mandatory to report information.
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The CTA includes significant reforms to anti-money laundering laws and is intended to help prevent and combat money laundering, terrorist financing, corruption, and tax fraud. The CTA establishes a beneficial ownership reporting requirement for corporations, limited liability companies, and other similar entities formed or registered to do business in the United States.
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The beneficial ownership reports must be filled with the US Treasury's Financial Crimes Enforcement Network (FinCEN). Businesses formed before January 1, 2024 have up to one year to complete the filing.
What you need to know ...
1. Who has to Report?
Active corporations, LLC's, and other businesses formed by filing a document with a Secretary of State's office in the United States.
2. How do I report, and whose information?
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Reporting companies will beneficial ownership through FinCEN's website, if you need help to make this report contact us at 770-982-9007 or contact us through our pages and sources.
3. When do I report?
If your company was created or registered prior to 1/1/2024, you have until 1/1/2025.
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Companies created on or after 1/1/2024 must report within 90 Days.
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Failure to report is punishable with a civil penalty of up to $500/Day. You will be fin $10,000 and failure to pay will be taken in for 2 years in prison.