ReportNon-compliance with the CTA can lead to fines of $591 daily, $17,730 monthly, or up to $215,715 annually, plus potential criminal charges. Manage your BOI Report with us and ensure your company’s compliance!
Effective January 1, 2024, the Corporate Transparency Act (CTA) aims to help the United States combat financial crimes, particularly money laundering.
This law mandates that the US Treasury’s Financial Crimes Enforcement Network (FinCEN) create a database of American companies and their beneficial owners.
The database will include information on small and medium-sized businesses and individuals who either own or have significant control over the company’s operations.
ReportPre-existing companies (created or registered before January 1, 2024): Submit BOI Report before January 1, 2025.
New businesses a) formed or registered from January 1, 2024: 90 days after notification of effective registration and b) formed or registered from January 1, 2025: 30 days after notification of effective registration.
Exempt now required: Submission of Report within 30 days after losing the exemption.
Changes and amendments to the previously submitted BOI report: 30 days after the information change.
Automated process with easy payment and efficient management to fill out and to send information.
Carefully designed process to meet the legal requirements of the CTA law.
Private and secure process with information protection, support, confidentiality and professional legal advice.
Effective January 1, 2024, the Corporate Transparency Act (CTA) aims to help the United States combat financial crimes, particularly money laundering.
This law mandates that the US Treasury’s Financial Crimes Enforcement Network (FinCEN) create a database of American companies and their beneficial owners.
The database will include information on small and medium-sized businesses and individuals who either own or have significant control over the company’s operations.
ReportPre-existing companies (created or registered before January 1, 2024): Submit BOI Report before January 1, 2025.
New businesses a) formed or registered from January 1, 2024: 90 days after notification of effective registration and b) formed or registered from January 1, 2025: 30 days after notification of effective registration.
Exempt now required: Submission of Report within 30 days after losing the exemption.
Changes and amendments to the previously submitted BOI report: 30 days after the information change.
Fines for Non-Compliance: Meet the Deadlines, Avoid Problems, Manage Your Report Today
Failure to comply with the requirements of the Corporate Transparency Act can result in fines of $591 per day and the possibility of facing up to 2 years in prison for serious offenses. Manage your BOI Report with us today and feel confident that your company is in compliance with the Corporate Transparency Act (CTA).
Avoid fines and possible criminal charges!
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Manage BOI Report Español Leading Organization in Alabama Partners with LLC & Corp Compliance to Prepare BOI Reports for the Hispanic, Latino and Immigrant Business
A “beneficial owner” includes any individual who, directly or indirectly, exercises substantial control over a company that files a BOI report. An individual exercises “substantial control” over a reporting company if it meets any of three general criteria about a reporting company if it meets any of the criteria.
New rules under the Corporate Transparency Act (CTA) now require corporations, limited liability companies, and other entities to report beneficial ownership, among other information, to the Financial Crimes Enforcement Network (FinCEN). For this reason, it is important that companies involved in this process should communicate with legal advisors with experience in this area and with other service providers directly involved in the formation or registration of legal entities to help timely comply with the new beneficial ownership reporting requirements under the CTA law.
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