Starting on January 1, 2024, the federal Corporate Transparency Act requires that the vast majority of legal entities formed or registered in the United States will have to submit Beneficial Ownership Information (B.O.I) reports to the US Treasury’s Financial Crimes Enforcement Network (F.in. C.E.N).
What is the Corporate Transparency Act?
The Corporate Transparency Act (CTA) is a law enacted by Congress at the end of 2020 as part of a global effort to prevent individuals from using legal entities to facilitate money laundering, finance terrorist activities and other financial crimes, by creating a national registry of beneficial ownership information for “reporting companies.” The law specifically targets small businesses, and requires that business owners understand and comply with all parts of the law, with heavy fines and imprisonment for those who do not provide the required information within the deadlines.
Links mentioned in this video:
👉 Our web page covering the Corporate Transparency ACT and the Beneficial Ownership Information Report www.usa-corporate.com/benefic...
👉 USA Corporates glossary page for the CTA and BOI reports www.usa-corporate.com/benefic...
👉 The 23 exemptions of the Corporate Transparency Act explained www.usa-corporate.com/benefic...
👉 The FinCEN website covering the Beneficial Owner Reports www.fincen.gov/boi
As always feel free to reach out to us online at www.usa-corporate.com and talk to one of our live agents.
Also visit our website and download our free ebook:
👉www.usa-corporate.com/7-mista...
As always feel free to reach out to us online at www.usa-corporate.com and talk to one of our live agents.
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