With the Treasury Department’s beneficial ownership reporting portal now up and running, the Corporate Transparency Act is officially in effect. That means covered entities formed this year – 5 to 6 million, by FinCEN’s own estimates – will have 90 days to complete the 51-question initial report, while existing entities have until the end of the year to do so. Filers must also notify FinCEN of any changes to their initial report within 30 days.

As we’ve written previously, the new compliance regime is more than just an administrative headache. Failure to comply carries steep fines and jail …

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Lots of action with the CTA in the weeks leading up to New Year’s. On Tuesday past, the House advanced the Protect Small Business and Prevent Illicit Financial Activity Act (H.R. 5119) sponsored by Representatives Joyce Beatty (D-OH) and Zach Nunn (R-IA), legislation that would extend key deadlines under the Corporate Transparency Act. The bill passed on the Suspension Calendar – a procedural move reserved for non-controversial measures – and sailed through with a vote of 420 to 1. More on this bill and its implications below.

While the House was adopting the Nunn bill, a bicameral group of …

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Starting in January, the Corporate Transparency Act will require more than 32 million businesses and other legal entities to report the personal information of their owners, key employees, and others to the federal government. 32 million!

The CTA is complex, expansive, and with less than a month to go, most Main Street businesses remain completely oblivious as to its existence.

To help demystify it all, S-Corp hosted a webinar yesterday featuring longtime ally and CTA expert Tim Terry of Hartz Capital.  Tim’s slides can be found here, and you can access a recording of the webinar by …

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The Corporate Transparency Act is the most far-reaching data collection mandate you’ve never heard of. Starting January, the new law will require more than 32 million businesses and other legal entities to report the personal information of their owners, key employees, and other individuals to the federal government. 32 million!

The CTA is as complex as it is expansive, yet with less than a month to go, most Main Street businesses remain in the dark about the law’s existence or what they need to do to comply.

Is your landlord a beneficial owner? …

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