CPA Awareness of Corporate Transparency Act (CTA)

🥳 Corporate Transparency Act (CTA) was enacted into law on January 1, 2021, as part of the Anti-Money Laundering Act of 2020. The intent of the Act is to combat the use of shell companies by persons seeking to evade anti-money-laundering and economic sanctions.

The CTA is set to become effective on January 1, 2024.

✔️ Who are impacted:
With some exceptions, all US small businesses are required to file the information. Exempted companies include:
Public companies,
Large companies (with a physical US location, with more than 20 employees and more than $5M in gross receipts/sales),
Companies in regulated industries, like financial services and insurance,
and tax-exempt entities.
 

✔️What, where, and when to report:
Companies that are required to report will provide information about their beneficial owners and persons who exercise control over the entity to the Financial Crimes Enforcement Network (“FinCEN”), a bureau of the US Treasury. The filing deadline of filing the initial Beneficial Ownership Information (BOI) report of a company will depend on the date of formation of the company.

Companies formed between January 1, 2024, and December 31, 2024, must file their BOI report within 90 days
Companies created on or after January 1, 2025, must file their BOI report will have 30 days.
Companies created before January 1, 2024, must file their BOI report by January 1, 2025.

👉 Stay ahead of the curve with our online self-study CPE courses. Here are two relevant CPE courses:

🔗 Business Law - Legal Environment of Business

🔗 How to organize and Run a Small Business

Keep your knowledge up to date and ensure compliance with the latest reporting requirements. Enroll in our courses today and stay in compliance.

🚀 You can start right away. We offer many other CEP courses. Browse through our website to learn more.