Corporate Transparency Act
Ensure Your Company is Compliant with the
New FinCEN Regulation Starting in 2024
FREE WEBINAR:
PRESENTED BY JOSEPH MICHAEL DICKERSON
AUTHOR & BOARD CERTIFIED ESTATE PLANNING ATTORNEY
1. Purpose: The CTA targets money laundering and financial crimes by enhancing business ownership transparency.
2. Requirements: Certain U.S. businesses must report their beneficial ownership information to FinCEN.
3. Exemptions: Publicly traded companies and those under specific regulatory oversight are exempt.
4. Penalties: Non-compliance can lead to fines of $500 per day up to $10,000 and possible two years jail time for providing false information or failing to report.
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Benefits You Will Discover
The Corporate Transparency Act (CTA) represents a significant step in U.S. efforts to combat financial crimes and enhance corporate accountability. Here are four important bullet points related to the CTA:
The CTA aims to prevent and combat money laundering, terrorist financing, and other illicit financial activities. It does this by improving transparency of business ownership, requiring certain U.S. companies to report their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN).
Small businesses and entities created or registered to do business in the U.S. must file beneficial ownership information with FinCEN.
Certain entities are exempt from these reporting requirements, including publicly traded companies, governmental entities, banks, credit unions, and other entities already subject to specific regulatory oversight and reporting requirements.
Failure to comply with the CTA's reporting requirements can result in significant civil and criminal penalties.
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Some Of Our Client Reviews
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Mike is an excellent Attorney that has help me develop my business. Open mind to new business opportunities and willingness to help clients succeed. Thanks Mike and the Team!
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