You may heard recently about “The Corporate Transparency Act” or “CTA”. We are reaching out to let you know that as a business owner you have the responsibility to comply with this act by December 31, 2024, or face penalties.
The Corporate Transparency Act 2021 (“CTA”) was enacted to increase transparency in business ownership. The CTA imposes obligations on “Reporting Companies” to disclose certain information to the Financial Crimes Enforcement Network (“FinCEN”) of the U.S. Department of the Treasury. With a few exceptions, a “Reporting Company” is any entity that is created by incorporating with the state. The law came into effect in January 2024 and requires that all existing and new entities report their Beneficial Ownership Information (“BOI”).
The “Beneficial Owners” are people who have control, make decisions for the company or who benefit from the entity.
October 2, 2024 | Corporate Transparency Act
You may heard recently about “The Corporate Transparency Act” or “CTA”. We are reaching out to let you know that as a business owner you have the ...
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June 5, 2024 | Tax Planning
The Tax Cuts and Jobs Act has made major changes to the tax code. It’s important that you understand these changes to best plan your ...
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April 26, 2024 |
At your workplace, you may be offered restricted stock units (RSUs) as part of your compensation package. RSUs are shares of the company stock that ...
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April 8, 2024 |
You are not the only one who needs to be on guard about their personal data safety. Minor children are 35 times more likely than ...
Learn MoreMarch 13, 2024 |
Chris Rock once remarked, “You don’t pay taxes – they take taxes.” That applies not only to income but also to capital gains. Capital gains ...
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February 14, 2024 |
Here’s how to get a jump-start on creating a system to organize your bills, statements, policies, and other financial paperwork. Financial organization is a cornerstone ...
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February 9, 2024 |
If you’ve started college planning at all you’ve heard about the FAFSA. Do you need to fill it out? For the vast majority of families, ...
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January 26, 2024 |
Raising a child is expensive and can cost about a quarter of a million dollars, excluding college. For a child with special needs, that cost ...
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December 6, 2023 |
The Internal Revenue Service (IRS) has recently announced a critical change that could significantly impact taxpayers who underpay their taxes. This update is particularly relevant ...
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November 13, 2023 |
The Federal Reserve left interest rates unchanged at their meeting on November 1st. They continued to state that they are closely tracking inflation and the ...
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