Corporate Transparency Act: Beneficial Owner Information
Introduction
- Overview of the Corporate Transparency Act (CTA)
- Importance of Beneficial Ownership Information (BOI) reporting
Understanding Reporting Companies
- Definition of a reporting company under CTA
- Types: Domestic and Foreign Reporting Companies
Reporting Requirements
- Information to be reported: beneficial owners and company applicants
- Required details: name, birthdate, address, and ID information
Filing Process
- Use of the Beneficial Ownership Secure System (BOSS) for electronic filing
- Initial and updated report filing timelines
Exemptions and Penalties
- Exemptions from reporting requirements
- Penalties for non-compliance: fines and imprisonment
Compliance Strategies
- Steps to determine if a company needs to file
- Resources: Small Entity Compliance Guide and FAQs
Conclusion
- Recap of key points
- Importance of compliance to avoid penalties
Host & Facilitators
Office Evolution
McGowan Law, PLLC
McGowan Law, PLLC
Office Evolution Pearl River provides flexible workspace solutions such as private offices, coworking, meeting rooms, and virtual office solutions.
McGowan Law, PLLC
McGowan Law, PLLC
McGowan Law, PLLC
John W. McGowan, Esq., is an attorney with well over a decade of experience handling a wide variety of legal matters representing individuals, businesses, and labor unions.
Westmore Asset Management
Westmore Asset Management provides wealth management and corporate advisory solutions to clients that need help managing their wealth and better understanding the complexities of their wealth, allowing families to keep strict control of their affairs, always in a private and confidential environment.
Rockland Pros
Rockland Professional Services, LLC is an Accounting and Consulting firm that assists clients who face financial, operational, and technological challenges.
Related Article and Video
Article
Summarized article jointly published by the Association of International Certified Professional Accountants (AICPA) and The Chartered Institute of Management Accountants (CIMA).
Video
Short video produced by Rockland Pros, entitled, Decoding the Corporate Transparency Act. The content obtained through several reliable sources, including FinCEN.