The Corporate Transparency Act (“CTA”) has been in effect since January 1, 2024, imposing significant reporting obligations for millions of privately held entities, called Reporting Companies. For Reporting Companies in existence before January 1, 2024, the deadline to file is December 31, 2024. However, if you decide to have Kaufman & Canoles file on your company’s behalf, the deadline to notify us is November 30, 2024. Once notified, the deadline to provide us all necessary Beneficial Ownership Information is December 6, 2024. The CTA was designed to increase transparency in the structure of these entities to combat tax fraud, money laundering, and other illegal activities. Reporting Companies must report company ownership information to the Financial Crimes Enforcement Network (“FinCEN”), a division under the U.S. Treasury.

Please be aware that some companies are receiving attempts to solicit information from individuals regarding the Corporate Transparency Act. The communications may be titled “Important Compliance Notice” and asks the recipient to click a URL or to scan a QR Code. The Department of Treasury Financial Crimes Division does not send these requests so please do not respond or click on any links or scan any QR codes.
 
Also, please be alert for misleading solicitations that companies are receiving through the mail at the principal business address which was used to form the company. The solicitations offer to retrieve documents for a fee which are usually not necessary. The notices may cite statutory requirements or indicate there are more steps you need to take. The notices citing statutory requirements should contain a statement that they are not a government entity, but it is usually buried within the document. The solicitation mailings we are aware of at this time are Safety Manual Form, Labor Law Compliance Notice, and Certificate of Fact of Registration. If you receive any of these, they are not from a governmental entity, and you can disregard the solicitation.  
 
For additional assistance
If you would like our assistance with any aspect of the Corporate Transparency Act or its reporting requirements, you may email our CTA Compliance Team at CTAcompliance@kaufcan.com and one of our compliance specialists will get back to you.

FINCEN BENEFICIAL OWNERSHIP INFORMATION REPORTING FAQ

FINCEN BENEFICIAL OWNERSHIP REPORT FILING DATES

FINCEN BENEFICIAL OWNERSHIP REPORTING KEY QUESTIONS

SMALL ENTITY COMPLIANCE GUIDE FOR BENEFICIAL OWNERSHIP INFORMATION AND REPORTING REQUIREMENTS

The contents of this publication are intended for general information only and should not be construed as legal advice or a legal opinion on specific facts and circumstances. Copyright 2024.