Risk Alert: Navigating Corporate Transparency Act / Beneficial Ownership Reporting

December 22, 2023By KROST CPAs
Risk Alert: Navigating Corporate Transparency Act / Beneficial Ownership Reporting

Beginning January 1, 2024, the Financial Crimes Enforcement Network (FinCEN) will require businesses to comply with the Corporate Transparency Act (CTA) by reporting information related to the business owners, officers, and controlling persons. The Corporate Transparency Act (“CTA”) was enacted January 1, 2021, as part of the National Defense Authorization Act, representing the most significant Read the full article…

FinCEN Beneficial Ownership Information Reporting Rule

August 15, 2023By Evelyn Fernandez, CPA, MST
FinCEN Beneficial Ownership Information Reporting Rule

Starting January 1, 2024, business owners will face additional reporting requirements enforced by the Financial Crimes Enforcement Network (FinCEN), in compliance with the Corporate Transparency Act’s (CTA) Beneficial Ownership Information (BOI) Reporting Rule. On September 29, 2022, FinCEN issued a final rule requiring specific companies to report the BOI effective January 1, 2024. The reporting Read the full article…