Corporate Transparency Act

The RMFU Cooperative Center would like to bring the Corporate Transparency Act (CTA) to the attention to all small business owners. In 2021, a new federal act designed to combat money laundering and tax evasion was enacted. The CTA was designed to combat illicit activity, including tax fraud, money laundering, and financing for terrorism, by capturing more ownership information for specific U.S. businesses operating in or accessing the country’s market. The act requires most small businesses to disclose “beneficial ownership information” (BOI) starting January 1, 2024.

• A company/entity formed before January 1, 2024, has until the end of 2024 to complete reporting
• Company/entity formed after January 1, 2024, has 90 days from the formation date
  • Note a conversion to a corporation is a new entity
• Company/entity formed after January 1, 2025, has 30 days to report

• A penalty of $591 per day, up to a maximum of $10,000 for late or inaccurate reporting (or imprisonment for up to 2 years)

You can find more information or begin e-filling at the financial crime enforcement network (FinCEN)

CORPORATE TRANSPARENCY ACT: It’s Time to Get Prepared – jason wiener | p.c.

CORPORATE TRANSPARENCY ACT: It’s Time to Get Prepared Part 2 – FAQs – jason wiener | p.c.

CORPORATE TRANSPARENCY ACT It’s Time to Report Part 3: The FORM – jason wiener | p.c.