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Corporate Transparency Act

Not sure if you heard but small business have a new requirement business reporting requirement; The Corporate Transaparency Act . You can read more about the specifics HERE but in summary, this is a mandatory report that has severe consequences if you do not file on time, including up to $10,000 in fines and up to 2 years in jail time.

Who is required to report? A “beneficial owner” is an individual who, directly or indirectly, either (1) exercises substantial control over a reporting company, or (2) owns or controls at least 25% of the ownership interests of a reporting company. Substantial control can be exercised by an individual serving as a senior officer, who has authority to appoint or remove a senior officer, or who can direct or make substantial decisions over important matters. Basically, if you are reading this email then you are required to report.

What do I need to do?

At this moment in time, nothing. The filing portal hasn't not yet opened so it's not known what is needed. However, moment the filing portal and instruction has been released (expected Jan 2024) there will be limited to file.





 



DISCLAIMER

The Finance Agency are accounting professionals however, any information contained or given is for educational purposes only and does not a substitute for financial advice from a professional who is aware of the facts and circumstances of your situation.   Please consult with a CPA, tax preparer, or accountant that is working with your specific business situation and State regulations.


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