Spotts Fain PC’s Post

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

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 -- 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  

📢 Attention Business Owners! The Corporate Transparency Act is here, and it’s time to get compliant! Join our upcoming webinar to learn the key requirements and how they affect your business. We’ll cover transparency measures, reporting obligations, and what you need to do by the end of 2024. Don’t miss out—register today! 💼🔑 www.wbecsouth.org/events #BusinessCompliance #CTA #SmallBusiness

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

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/gceG4zeB

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/eUKphUkN

Regardless of how long a business has been around, if your business is required to comply with the Corporate Transparency Act, it’s important to start sooner rather than later when it comes to gathering information and preparing a report. It can take a while to get all the info you need, so start getting it together now, but wait to actually submit the information until toward the end of the year.

Regardless of how long a business has been around, if your business is required to comply with the Corporate Transparency Act, it’s important to start sooner rather than later when it comes to gathering information and preparing a report. It can take a while to get all the info you need, so start getting it together now, but wait to actually submit the information until toward the end of the year.