Corporate Transparency Act
Effective January 1, 2024, the Corporate Transparency Act (CTA) mandates that millions of both newly established and existing businesses (if they are corporations, limited liability companies, or certain other entities) must submit beneficial ownership information (BOI) to the U.S. Department of Treasury's Financial Crimes Enforcement Network (FinCEN). This complex topic has brought up a lot of questions for our companies and founders, so we gathered information from recent events to help provide a resource when filing this important information.
SCAPE covered this topic in a presentation featuring SCAPE Mentor, Gary Masner. He shared who are defined as reporting companies and beneficial owners, what and when companies must report, explained penalties for noncompliance and the confidentiality of your information.
Download the materials from the event here:
The Small Business Development Center also hosted presentations covering this topic featuring Carrie Van Meter, Owner of All Access Accounting. These presentations focused more closely on beneficial ownership information. More information can be found in the presentation SLIDE DECK in addition to the BOI Compliance Guide issued by U.S. Department of Treasury.
The U.S. Department of Treasury's Financial Crimes Enforcement Network also has supporting information when going through to process.
FinCen FAQs: https://www.fincen.gov/boi-faqs
Fincen website: https://www.fincen.gov/
We hope these materials can help answer any questions and equip you for an easy process in compiling with the new Corporate Transparency Act.
