Raines Feldman Littrell LLP’s Post

𝗥𝗘𝗠𝗜𝗡𝗗𝗘𝗥 -- 𝗗𝗲𝗰𝗲𝗺𝗯𝗲𝗿 𝟯𝟭, 𝟮𝟬𝟮𝟰 𝗶𝘀 𝘁𝗵𝗲 𝗱𝗲𝗮𝗱𝗹𝗶𝗻𝗲 for businesses formed prior to 1/1/24 to comply with the new disclosure requirements under the Corporate Transparency Act (CTA), which went into effect January 1st of this year. In sum, US businesses must report information about their beneficial owners—the individuals who ultimately own or control the company—to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury unless they fall within one of the exceptions. Most small businesses will not fall under the exceptions. It is a relatively simple process to comply with the CTA but can cost approximately $500 per day in fines for failing to report (and has criminal penalties for intentionally providing false or misleading information). Make sure you and your corporate legal adviser are familiar with the requirements and meet the new reporting requirements before year-end. For more information, please see the Client Alert from Raines Feldman Littrell LLP below. Thank you to my colleague David Madden for keeping our team apprised of the CTA requirements. Avoid the year-end rush, and get it done now. #CorporateTransparencyAct #ComplianceUpdate #SmallBusiness  

Our firm put together a great piece to answer your questions about the Corporate Transparency Act. If you have more specific questions, feel free to reach out. #cta #corporatetransparencyact

Reminder: new reporting requirements may affect your business. Click here to learn more in this in-depth overview of the Corporate Transparency Act. #spottsfain #spottsfainpc https://lnkd.in/epUSeu6q

Starting January 1, 2024, many businesses must comply with the Corporate Transparency Act (CTA), requiring the reporting of "beneficial owners" to the government. Businesses created prior to January 1, 2024, have a filing deadline of January 1, 2025. Is your business prepared for this important change? On November 7th, we are hosting a comprehensive BOI webinar to help you navigate the new reporting requirements and ensure your business complies with the filing deadline. Don’t miss this chance to learn the ins and outs of the CTA and how it impacts your company. Register for the BOI Webinar through the following link! https://lnkd.in/ebuQzZWg

Does the Corporate Transparency Act Apply to Your Business? Under the Corporate Transparency Act (CTA), many businesses are subject to new reporting requirements that took effect on January 1, 2024. That means certain companies are... Read more: https://zurl.co/1Vbl

Does the Corporate Transparency Act Apply to Your Business? Under the Corporate Transparency Act (CTA), many businesses are subject to new reporting requirements that went into effect on January 1, 2024. That means certain companies are... Read more: https://zurl.co/ub3I

Transform your advisory services with expert tips from our latest blog! Learn how to deliver more value to your clients and stay ahead of the competition. Read more: https://ow.ly/URYv50U5H0z #AdvisoryServices #TaxAdvisory

Important news for big businesses! As transparency takes centre stage, large companies may be required to include payment practices in their annual reports. Let's stay informed and accountable. 💡 #BusinessTransparency #AnnualReports #FinancialAccountability

How will the ACA’s new reporting rules impact your business? Dive into our latest client alert to explore the key updates and how they impact reporting obligations: https://lnkd.in/gn8izmAD

The Corporate Transparency Act: What You Need to Know Will the Corporate Transparency Act affect your business? Find out everything you need to know about this new regulation, including who is covered and what’s required. https://lnkd.in/gg2BgRR7