SUBJECT: IMPORTANT DEADLINE: Corporate Transparency Act - What You Need To Know And Do Before 12/31/2024 PDF Free Download
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SUBJECT: IMPORTANT DEADLINE: Corporate Transparency Act - What You Need To
Know And Do Before 12/31/2024
Hello! Have you heard about the impending Corporate Transparency Act (“CTA”) filing
deadline? As your financial advisor, I believe it is essential that you understand how the
CTA impacts your businesses and what you must do to comply.
The CTA is a federal law that took effect on January 1, 2024. It is a significant shift in
corporate regulatory compliance for small business owners that seeks to create a
federal database of small businesses and their owners to prevent money laundering.
The act requires beneficial ownership information reporting (BOIR) from almost all
LLCs, Limited Partnerships, C and S Corps., and other closely held entities with:
●$5 million or less in gross receipts or 20 or fewer employees.
●Please note this includes entities with $0 in income and no
employees. For instance, if an owner registers an LLC to hold an
investment property that generates no income and has no employees, it
must file a report.
An estimated 32 million U.S. companies will need to file reports this year and 5 million
new businesses are expected to file each following year.
Additionally, all companies and their owners must report any changes to the previously
reported information within 30 days on an ongoing basis.
Penalties for non-compliance are severe, including hefty civil fines of $591 per
day, per owner and for each senior officer, and criminal penalties of up to $10,000
and two years of imprisonment. Based on my client files, I believe your business is a
reporting company and its owners and/or senior officers are likely mandatory reporters.
Entities that were registered with the Secretary of State (or another state's equivalent
office):
● before 1/1/2024 must file by 1/1/2025 to file.
● this year, must file within 90 days from the date of registration to file
(many companies are already late!)
● after 12/31/2024, must file within 30 days from the date of registration to
file.
Most tax advisors and business attorneys will NOT file beneficial ownership
information reports on behalf of clients for liability reasons.
While I am not offering BOIR filing services, my partners at CTASafe specialize in
providing technology and consulting services to help businesses and their advisors get
and stay compliant, reduce their legal exposure, and stay current on changes in the law.
You can also learn more at CTASafe.com. Their solutions and pricing can be found at
https://ctasafe.com/pricing. They include:
●One-time filing
●Unlimited filing
●Unlimited Filings + Concierge Consulting
●Unlimited Filings + Concierge Set Up
For discounts on their advertised prices, please the coupon codes that CTASafe made
specially for me:
●PILLAR61XFILE - $20 off of the one time filing option
●PILLAR61124 - $400 off of concierge consulting options
If you have questions, you can schedule a complimentary 15-minute consultation with
them using this link or reach out to info@ctasafe.com.
All the best,
[NAME]
