Corporate Transparency Act (CTA) / BOI

The Corporate Transparency Act (CTA) is designed to increase transparency and combat financial crimes by requiring many U.S. companies to report their beneficial ownership information ("BOI") to FinCEN.

However, recent legal action has temporarily paused these requirements!  Learn more in today's blog...

The Good News:  If your LLC qualifies as an “inactive entity,” you may be exempt from having the hassle of submitting a “Beneficial Ownership Information” (BOI) Report to FinCEN.  

The Bad News:  In our experience, most dormant / unused companies don't actually qualify as "Inactive" under the CTA rules... 

Read on for 6 questions to figure out whether your company qualifies as "inactive" in this week's blog...

Check out this week's blog to find out what you need to know - now - about the Corporate Transparency Act ("CTA"), which is estimated to impact over 30 million - mostly small + mid-size - businesses.

This new federal law likely affects you if: 

• Are a business owner;

• Have beneficial ownership in a business (individually, or thru another company or trust); 

• Have substantial control over a business 

The failure to comply with the CTA is not to be taken lightly, with steep fines ($500/day + $10,000 for criminal fines), plus a possibility of two years in jail! 

Read on for a link to our comprehensive guide to the CTA + BOI Reporting, to see if you're impacted  + what you need to do...