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Upcoming Beneficial Owner Deadline for Small Businesses

As we near the end of 2024, we’d like to remind you that your reporting company must file a Beneficial Ownership Information Report (BOIR) with the U.S. Department of Treasury, Financial Crimes Enforcement Network (FinCEN). This BOIR must identify the beneficial owners and anyone with “substantial control” of the reporting company. This informational blog post will cover filing deadlines, requirements, and miscellaneous FAQs. Should you have any questions, please get in touch with us - we are happy to discuss the Corporate Transparency Act (CTA) and simple ways to file your BOIR. What is the...

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Navigating Reporting Requirements Under the Corporate Transparency Act

corporate transparency act

The Corporate Transparency Act will go into effect on January 1, 2024. Enacted in 2021, it aims to enhance transparency in entity structures and ownership to combat money laundering, tax fraud, and other illicit activities. Beginning January 1, 2024, all new entities (“reporting company”) will need to file a Beneficial Ownership Information Report (BOIR) with the U.S. Dept. of Treasury, Financial Crimes Enforcement Network (FinCEN). This BOIR must identify the beneficial owners and anyone with “substantial control” of the reporting company. They also must identify two “company applicants”...

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