Juxtaposition's Rant (Dec 12, 2024) CTA enforcement matters

30 days ago
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Effective January 1, 2025, for existing small business owners of LLC & Corporations.
https://juxtaposition1.substack.com/p/juxtapositions-rant-dec-12-2024-cta

Corporate Transparency Act of 2025:

The Federal Money Laundering Agency has introduced ** rules for corporations** to combat money laundering, tax fraud, and other corrupt activities. The rules will become effective on January 1, 2024, for new companies and January 1, 2025, for existing companies. For most eligible businesses, the filing deadline is January 1, 2025. Those who fail to file by this deadline could face imprisonment and fines https://home.treasury.gov/news/press-releases/jy1974

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What is the Corporate Transparency Act?

The CTA was enacted in 2021 to combat illicit activity including tax fraud, money laundering, and financing for terrorism by capturing more ownership information for specific U.S. businesses operating in or accessing the country’s market. Under the new legislation, businesses that meet certain criteria must submit a Beneficial Ownership Information (BOI) Report to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). This report provides details identifying individuals who are associated with the reporting company. https://www.uschamber.com/co/start/strategy/small-business-corporate-transparency-act

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