Effective January 1, 2024, the new Corporate Transparency Act (CTA) will take effect in the United States. Applicable businesses will be required to make a one-time report to the Financial Crimes Enforcement Network (FinCEN) with information detailing the identification of their beneficial owners, their business licensure, and other information. The CTA is intended to reduce exploitation and white collar crime as part of an anti-money laundering probe. Failure to comply with the requirements will result in stiff penalties, including large fines and jail time. Get the legal assistance you need for CTA compliance with the experienced Arizona tax attorneys at Silver Law, PLC.
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Make Sure You’re In Compliance With BOI Reporting Regulations
Determine If Your Company Requires BOI Report Filings
Virtually all corporations and LLCs within the U.S. will need to make a report on their beneficial owners as part of the CTA. Existing businesses must file by January 1, 2025, while newly created businesses will have 30 days to make their report.
Compliance With FinCEN & BOI Report Requirements
Understand how the Corporate Transparency Act applies to your business and get the legal guidance you need for a complete report when you reach out to the trusted Arizona tax lawyers at Silver Law, PLC! We are ready to help you remain compliant.
Establish The Beneficial Owners of a Company
A beneficial owner of a reporting company who must file a report under the CTA is an individual who either holds substantial control over the company, or either controls or owns at least 25% of the company’s ownership interests.
Learn When & Where To File The Beneficial Ownership Report
Companies who are included under the CTA can begin to file their beneficial ownership report beginning January 1, 2024. No official form has been released at this time, although FinCEN has announced that they will accept information electronically.
An Insight Into The Corporate Transparency Act: What Information Must Companies Disclose to FinCEN?
Companies who are required to make a report to FinCEN must submit identifying information on their company, which includes their legal name and any DBA information, address, jurisdiction in which the business was first registered, and their tax identification number. Additionally, identifying information for the beneficial owners and company applicants will be required, including names, birthdates, addresses, and an image of an identifying document such as a passport or driver’s license. Finally, each company will receive and file a FinCEN identification number.
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Expert Legal Advice On FinCEN Compliance & BOI Reporting
Skilled Tax Lawyers Helping You Avoid Or Address FinCEN’s Civil & Criminal Penalties
Failure to comply with the Corporate Transparency Act reports will result in civil penalties of accrued fines up to $500 per day for ongoing violations. In addition, criminal penalties may also be imposed, which may include fines up to $10,000, imprisonment for up to two years, or both. Get the legal help you need to remain compliant and avoid civil or criminal penalties when you contact our Arizona business tax attorneys!
Specialized Law Firm Ensuring CTA Rules & Guidelines Compliance
The new CTA guidelines are complex, and you may be wondering whether your business is required to report. Our Arizona business tax law firm is carefully monitoring this new law as well as newly released updates and information so that we can offer the most up to date information for our clients. Let us help your business maintain compliance to avoid civil and criminal penalties.
Experienced Tax Lawyers Ensuring Compliance with Beneficial Ownership Information Reporting Deadlines
The CTA takes effect January 1, 2024. Established businesses formed during 2023 or earlier will have one year to complete their beneficial ownership report, with a deadline of January 1, 2025. Newly formed businesses on January 1, 2024 or later must make their initial report within 30 calendar days of the establishment of their business in order to remain compliant. Ask your Arizona business tax lawyer for guidance on how these requirements apply to you.
Protecting Businesses Facing Legal Issues Arising From The Corporate Transparency Act
Silver Law, PLC, is dedicated to providing all of our clients with the highest quality tax law services. Whether your business is large or small, we have the expertise and experience you need to understand how business tax law applies to you and what you need to do to remain compliant. When necessary, we are ready to negotiate or provide legal representation on your behalf.
Mitigate Risks a Business May Face Under the CTA
Applicable businesses who fail to file a beneficial ownership report in accordance with the CTA may face strict penalties of up to $500 per day of ongoing violation as well as criminal penalties, including imprisonment and additional fines.
Organize the Necessary Data & Documentation for Reporting Purposes
Our team of experienced Arizona tax attorneys are ready to help you gather and organize the information that you’ll need to provide to remain compliant with CTA reports. Call our team today to schedule a free consultation!
Representation for Companies Dealing with CTA Proceedings
Companies who fail to comply, who file incomplete reports, or miss the deadline may face civil and criminal actions. Our Arizona tax law firm has extensive experience providing aggressive representation in negotiation and litigation.
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Learn More About The Beneficial Ownership Information Reporting Rule
Expert Tax Lawyers Offering Legal Advice for BOI Report Filings
Beneficial Ownership Information Reporting Requirements
Let us help you understand how the CTA applies to your business and which of your corporation’s owners are required to file a report. We assist our clients with professionalism and expertise based on our extensive experience.
Beneficial Ownership Information Access & Safeguards
In response to privacy concerns, FinCEN has assured businesses and business owners that the information provided is not covered under the Freedom of Information Act (FOIA) and therefore will not be available for public review.
Beneficial Ownership Information Collections
Knowing which of your company’s owners are required to file a report can be complicated, and the failure to comply will come with stiff penalties. Let us help you understand how this law applies to your business and how you can remain compliant.
Contact Our Lawyers To Ensure Corporate Transparency Act Compliance Today!
FAQs About The Corporate Transparency Act
How Can A Company Ensure Compliance With The Corporate Transparency Act?
Schedule your appointment with your Arizona corporate tax attorney or other tax professional to discuss this new law and how it applies to your business. The vast majority of corporations and LLCs will be required to file a report under this new law, with some exceptions. The experienced attorneys at Silver Law, PLC, can help you understand the CTA and which of your business owners need to file so that your company can remain compliant.
Who Can FinCEN Disclose My Beneficial Ownership Information To?
The information provided to FinCEN will be used internally to reduce money laundering, fraud, and other white collar crime. FinCEN has assured businesses that the information is not subject to the Freedom of Information Act (FOIA) and is not available for public use. Business owners are assured that their private information will be held securely by FinCEN.
What Are Pre-Effective And Post-Effective Entities Under CTA Rules?
Businesses that are established prior to January 1, 2024, must submit a beneficial ownership report to FinCEN by January 1, 2025. Newly formed businesses beginning January 1, 2024 must submit their beneficial ownership report within 30 calendar days of their establishment.
What's The Difference Between A Beneficial Owner & A Company Applicant?
A beneficial owner is an individual who owns at least 25% of the business or exercises significant control over the business. These individuals will be required to make a beneficial owner report to FinCEN if they are part of an eligible corporation under the CTA.
According to the CTA, a company applicant is the individual who is responsible for filing the beneficial owner reports to FinCEN. In a company where more than one person is involved with the filing, the company applicant is the individual who is ultimately primarily responsible for directing and controlling the filing.
Especially for smaller businesses, the beneficial owner and company applicant may be the same individual. In larger corporations, they may be different individuals.
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