JWE National: "Year-End Prep" What is The Corporate Transparency Act?

The Corporate Transparency Act (“CTA”) was recently signed into law and will likely affect your filing requirements, as early as 2024.  Please join us for a seminar with William Kambas to discuss the CTA, how it might affect you, and what you should be doing now to prepare for compliance.

Corporate Transparency Act: Starting in 2024, the US government will be requiring most businesses to file a statement detailing management and ownership information, which FinCEN will share with other agencies, including the IRS.

This discussion will address:

1. What is the CTA?  FinCEN is beginning to collect beneficial ownership information (BOI)
2. Why was the CTA enacted (some background)? 
3. Who will need to address this?  “Reporting companies” and those individuals exercising "significant control" over reporting companies.   However, for some, there are exemptions from reporting requirements.
4. What information must be reported?  Those who manage and those who own
5. Timing and penalties.