Federal Reporting Ownership Requirement - Video Walkthrough to do for Free by Yourself! скачать в хорошем качестве

Federal Reporting Ownership Requirement - Video Walkthrough to do for Free by Yourself!

There's a new federal reporting requirement that may require your business to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCen). For a step-by-step video walkthrough of how to complete the reporting, watch the video! Small business owners will have one more item on their compliance to-do list when the Corporate Transparency Act (CTA) The CTA, enacted as part of the Anti-Money Laundering Act of 2020 (AMLA), places new reporting requirements on many business entities in an effort to expose illegal activities, including the use of shell companies to launder money or conceal illicit funds. Around 30 million small businesses will be impacted by the law, which will establish a federal database of information, furnished by “reporting companies,” that will be accessible to certain authorities and organizations. What does the CTA require? Effective January 1, 2024, the CTA requires that certain businesses disclose to FinCEN information about the company, its beneficial owners, and in some cases, the company applicant. Reporting companies—defined as any company with twenty or fewer employees that is formed by filing paperwork with the Secretary of State or equivalent official—that are created or registered prior to January 1, 2024, have until January 1, 2025, to file an initial report; reporting companies created or registered after January 1, 2024 and before January 1, 2025, will have ninety days after creation or registration to file a report. Entities created on or after January 1, 2025 will have 30 days to submit the reports to FinCEN. Small business organizations such as the National Small Business Association (NSBA) and the National Federation of Independent Businesses (NFIB) oppose the CTA, calling it cumbersome, intrusive, overly punitive, and unconstitutional. NSBA states that small businesses are unfairly impacted because they usually do not have compliance teams or staff attorneys. Are there penalties for noncompliance with the CTA? Penalties for noncompliance may be steep. Willingly providing false information (including false identifying documents) to FinCEN, or failing to report complete BOI information, can result in: Fines of $500 per day, up to $10,000 Imprisonment for up to two years Civil and criminal liability may be avoided if an individual who submitted an original, erroneous report did not knowingly submit inaccurate information and submits an updated report correcting the inaccurate information within ninety days. Get help with CTA reporting requirements. Understanding how the CTA applies to you, how it will affect your business, and what you must do to comply introduces new burdens that you may have scarce resources to address. Terms like “beneficial owner” and “substantial control” may seem vague and confusing, further complicating compliance efforts. But compliance is critical for business owners who want to avoid possible sanctions. We can help you determine whether the CTA applies to your business and the steps needed to meet its reporting requirements. 💬 Did you enjoy this video? Share your thoughts in the comments below! 🖥 Join the club! Book your free consultation now! https://djholtlaw.com ☑️ Subscribe to Holt Law, LLC here:    / @djholtlaw   --------------- Welcome to the Official YouTube Channel of Holt Law ➡️ Our channel provides valuable resources and expert advice to healthcare influencers, investors, and all professionals navigating the complexities of healthcare business matters. Join David Holt as he shares insights from his vast experience, coupled with personal anecdotes from his life as an entrepreneur, hot yoga enthusiast, and a loving father. Together, let's make a real impact and foster the growth of small healthcare providers who are truly invested in your success. Don't miss out on any of our expert insights and valuable updates! Make sure to subscribe to our channel and hit the notification bell so you're always the first to know when we post new content. Stay ahead in the complex world of healthcare law with Holt Law. Subscribe now and turn on notifications to keep up with everything we have to offer! --------------- 📲 Follow Holt Law on social media: Holt Law Instagram ▶️   / holthealthcarelaw   DJ Holt Instagram ▶️   / dj.holtlaw   LinkedIn ▶️   / davidjholt   Facebook ▶️   / holtlawllc   X (Twitter) ▶️   / djholtlaw   📞 612-293-0620 📬 support@holtlawllc.com 📍 Minnesota Office – Holt Law, LLC 2136 Ford Parkway #5061 Saint Paul MN 55116 === 📍 California Office – Holt Law, PC 📍 301 N Palm Canyon Dr Suite 103-1068 Palm Springs, CA 92262 📍San Diego 1050 Kettner Blvd Ste. D, San Diego, CA 92101, United States 📍Los Angeles 611 Wilshire Blvd #900 Los Angeles, CA 90017, United States 📍La Jolla 4225 Executive Square #600 La Jolla, CA 92037, United States