About this Event
The Corporate Transparency Act (CTA), effective in 2024, mandates that small businesses and certain entities report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). This law aims to prevent money laundering, tax evasion, and illicit activities by requiring companies to disclose information about individuals who own or control 25% or more of the business or exercise substantial control.
Small businesses should be aware that the CTA applies to most entities with fewer than 20 employees or less than $5 million in revenue, except for certain exempted companies.
Deadlines
Reporting deadlines are crucial: companies formed before January 1, 2024, must file their initial reports by January 1, 2025, while entities formed on or after January 1, 2024, have 30 days from the date of formation to report. Non-compliance can lead to significant penalties, so it’s vital to understand these timelines, keep accurate records, and ensure timely reporting to avoid fines and legal issues.
Event Venue & Nearby Stays
10400 Connecticut Ave suite 310, 10400 Connecticut Avenue, Kensington, United States
USD 90.00
