In our recent post we introduced you to the Corporate Transparency Act (CTA), a significant piece of legislation aimed at enhancing transparency and combating financial crimes. In this article, we’ll detail what steps you need to take next to ensure compliance.
What should you do now?
As a small business owner, it’s essential to take proactive steps to comply with the Corporate Transparency Act.
If you own your own company, you should immediately begin to prepare to file with FinCEN. If
you wish to do this yourself, I recommend reviewing the information that has been provided by
FinCEN and can be viewed here: BOI_Small_Compliance_Guide.v1.1-FINAL.pdf (fincen.gov)
I recommend that you apply for a FinCEN Identifier to make the reporting go faster.
If you are planning on creating a company, make sure that you, or the company or law firm that files the Articles with the State also reports the new company to FinCEN.
If you have ownership interests in any company that may be subject to the CTA reporting
requirements, inquire with the company what steps they will be taking to ensure timely compliance with the law.
If you are the trustee of a trust that holds an interest in a reporting company, and if the trust may
hold a 25% interest in or control over the reporting company, you should consider having an
advisor review the trust instrument to determine who may hold powers that could make them a
beneficial owner and begin to gather the necessary information.
How can we help?
Staying informed and proactive is essential for maintaining regulatory compliance in today’s business environment. At Mathews Law, we’re prepared to offer advisory services to help you grasp the intricacies of the CTA. Additionally, we’re pleased to offer paid hourly consultations to support LLCs in their self-filing endeavors or to guide small businesses through their FinCEN filing requirements.
When you’re ready, we’re ready. Schedule a time to chat to get started.