You work hard. Now get ready to work harder to prepare to give more.
If you own or are a member of an LLC.
You have a deadline of January 1, 2025
The new Beneficial Ownership Reporting requirements for LLCs and other corporations come under the Corporate Transparency Act (CTA) and will go into effect on January 1, 2024.
The Corporate Transparency Act (CTA) of 2021 was enacted to combat financial crimes such as money laundering, tax evasion, and terrorist financing. It requires corporations, limited liability companies (LLCs), and similar entities to disclose their beneficial owners—the individuals who own or control these entities—to the Financial Crimes Enforcement Network (FinCEN).
Under the CTA, businesses must provide information such as names, addresses, and identification numbers of beneficial owners.
The goal is to prevent criminals and politicians from using anonymous entities to conceal their identities. Criminals that use entities using their real name still have to register.
Most small and privately held companies are subject to this law, although there are exemptions for heavily regulated entities.
The law became effective in 2021, with reporting requirements started in 2024.
Failure to comply can result in fines and even imprisonment.
Penalties: Failure to report can lead to penalties of $500 per day for non-compliance, and could even result in fines up to $10,000 or imprisonment for up to two years.
Legal Counsel and Your Rights
When facing legal challenges, particularly in criminal cases, it is advisable to seek legal counsel immediately.
An experienced attorney can provide guidance on how to navigate interactions with law enforcement while safeguarding your constitutional rights.
Since 1993 our expert legal defense in navigating criminal law matters and protecting your constitutional rights are what we eat for breakfast everyday.
Contact Komorn Law PLLC if you’re ready to fight and win.
Research us and then call us.
Other Articles
Seattle settles case involving – the rights of nature
The Rights of NatureSeattle settled a lawsuit brought by the Sauk-Suiattle Tribe on behalf of salmon harmed by dams on the Skagit River. This is one of the first "rights of nature" cases in the US, and the tribe argued that the lack of fish passage measures violated...
NY judge fines unlicensed cannabis shops $15 million
It's their corner now“This punishment should serve as a clear warning for all unlicensed cannabis stores in the state: we will enforce the law and shut down your operations,” state Attorney General Letitia James saidThe owner of seven unlicensed cannabis shops in New...
When Cannabis Businesses Are No Longer Subject to IRS 280E
IRS 280E and Cannabis BusinessesWhat is IRS Section 280E? Section 280E of the Internal Revenue Code restricts businesses from deducting typical business expenses from their gross income related to the distribution of Schedule I or II substances per the Controlled...
THC Associated with Increase of Survival Time in Palliative Cancer
Summary from the official government website (Link Below)The Use of Tetrahydrocannabinol Is Associated with an Increase in Survival Time in Palliative Cancer Patients: A Retrospective Multicenter Cohort StudyThe study, conducted by researchers in Germany, analyzed...
