CPA Firm

ATTENTION - NEW REQUIREMENTS

Corporate Transparency Act

Beneficial Ownership Information Reporting Requirement

• Starting January 1, 2024, a significant number of businesses will be required to comply with the Corporate Transparency Act, which was enacted into law as part of the National Defense Act for Fiscal Year 2021.

• This requires the disclosure of the beneficial ownership information of certain entities from people who own or control a company.

• It is anticipated that 32.6 million businesses will be required to comply with this reporting requirement. The intent of the reporting requirement is to help US law enforcement combat money laundering, the financing of terrorism and other illicit activity.
  

• The CTA is not a part of the tax code. Instead, it is a part of the Bank Secrecy Act, a set of federal laws that require record-keeping and report filing on certain types of financial transactions. Under the CTA, Beneficial Ownership Information reports will not be filed with the IRS, but with the Financial Crimes Enforcement Network (FinCEN), another agency of the Department of Treasury.
  

• If your entity was formed before January 1, 2024, you must complete this reporting by January 1, 2025. If you form an entity in 2024 this reporting must be done within 90 days of formation. If you form an entity in 2025 this reporting must be done within 30 days. You also have to report any changes to this information.

• Penalties for willfully not complying with these reporting requirements can result in criminal and civil penalties of $500 per day and up to $10,000 with up to two years of jail time.

• We will not be preparing these forms for our clients and suggest that you contact your attorney regarding completing this reporting requirement.

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We are committed to providing close, personal attention to our clients. We take pride in giving you the assurance that the personal assistance you receive comes from professionals with years of advanced training, technical expertise and financial acumen.

Tax Services

Our highly experienced tax professionals are CPA’s who focus entirely on tax. They are the utmost experts in what they do and allow us to offer world class tax planning, compliance, consulting, and preparation.

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Epstein Schneider, PLC offers you innovative and comprehensive solutions for tax and financial matters. We are just a click, phone call or message away!