We do the research so you don’t have to spend your valuable time going through 100s of pages of the new law and policies being put in place revolving around the Corporate Transparency Act. We started Corporate Transparency Act US in hopes to help others find their way through these confusing policies and helping simplify their experience while allowing them to focus on their business.
FinCEN has given out a lot of information to sift through, here is what you need to know.
Corporations and LLC’s that have gross receipts under $5,000,000 and under 21 employees MUST FILE a Certificate of Beneficial Ownership with the Federal Government starting in 2024. There will be some exceptions to this law. (Take our quiz to determine this.)
Why? A new law known as the Corporate Transparency Act (CTA) went into place on January 11, 2021. This is a BRAND-NEW federal filing requirement.
Financial Crimes Enforcement Network, Bureau of the United States Department of the Treasury collected comments until Feb 7, 2022 to finalize the new law. The rule for beneficial ownership reporting will begin starting January 1, 2024.
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