Beneficial Ownership Information: Reporting Requirements and Filing Regulations
In the realm of corporate governance, nothing remains static, particularly the regulations concerning beneficial ownership. The complexity of laws surrounding this concept calls for an assured grasp, leaving no room for guesswork. Hence, this comprehensive guide, “Navigating Beneficial Ownership Filing Laws and Regulations,” is crafted as a roadmap to deciphering this labyrinth for both veterans […]
Will You Need Beneficial Owner Filing Services?
The Corporate Transparency Act (CTA) stands as a landmark legislation in the United States, aiming to thwart illicit activities like money laundering, terrorist financing, corruption, and tax fraud. Central to this act is the requirement for certain entities to report Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN). This BOI includes details […]
Corporate Board Resignations Follow Recent Clayton Act Crackdown
The US Justice Department Announces Recent Wave of Board Member Resignations Following Notice From its Antitrust Division Zoom Info, Maxar, Udemy, and others are amongst the corporate companies that recently saw Board Members resign after being notified of conflict with the rules established within Section 8 the Clayton Act. This wave of several resignations was […]
FinCEN Issues Final Rule For Corporate Transparency Act Requirements
The long awaited final rule from FinCEN was issued on Sept. 29, 2022. This solidified the beneficial ownership information (BOI) reporting requirements as well as gave us that starting date for when the rule will begin. As part of the Anti-Money Laundering Act of 2020, FinCen will begin its BOI reporting requirements on Jan. 1, […]
Will the U.S. National Beneficial Ownership Database be Secure?
Soon enough the US Treasury will being to assemble one of the largest databases in our country. It will contain all of the identifying information that is required for the Corporate Transparency Act for every applicable business in its scope. Although there are many existing databases that people use everyday, here are none that are […]
Is My Business Exempt From Filing Reports Required by the Corporate Transparency Act?
The Corporate Transparency Act (CTA) requires companies to provide the US Treasury Department with information about those starting or benefiting from a wide range of businesses. But the law also includes many exemptions that may spare your company from this obligation. What is the CTA? The CTA has reporting requirements for nearly every small business […]
New Corporate Transparency Act Bill Passed: It is Best?
The Corporate Transparency Act of 2021 is a bill that was introduced in the United States House of Representatives on March 3, 2021 by Representatives Carolyn Maloney and Peter King. The bill requires corporations to disclose their beneficial ownership to the Financial Crimes Enforcement Network (FinCEN) of the United States Department of the Treasury. The […]
When Will the CTA Go Into Effect?
The Corporate Transparency Act (CTA) expands the information many businesses must provide to the federal government. It aims to improve anti-money laundering law enforcement. The law was enacted on January 1, 2021, but it won’t go into effect until its regulations are finalized. Recently, FinCEN confirmed that the beneficial ownership reporting rule will take effect […]
What Businesses Must Comply with The CTA?
Many businesses must comply with the Corporate Transparency Act (CTA), but there are also numerous exceptions to the disclosure rules. Given the fine print and loopholes, a business owner or manager could easily make a mistake by deciding whether the CTA does or doesn’t apply. What is the CTA? In the Fiscal Year 2021 National […]
What are the Penalties for Not Filing the CTA (Corporate Transparency Act)?
FinCEN’s Penalties for the Corporate Transparency Act Being served a hefty fine for improper paperwork is the last thing you would want as a business owner. However, the newly proposed rules could bring this exact situation for many who are not keeping up with FinCEN. Not being aware of these latest changes can place you […]
