Corporate Transparency Act: What every business owner needs to know

The US Corporate Transparency Act Affects You.

The CTA represents the most dramatic increase in required disclosure in the U.S. by business entities in over 20 years. If you own, control, or even loan money to an LLC, for-profit Corporation, Limited Partnership, LLP, LLLP, or Statutory trust, you are now required to file a report with the US Financial Crimes Enforcement Network (FinCEN) on your company and its owners.

The failure to file the necessary reporting can result in severe civil and criminal penalties, including fines up to $10,000 and two years in prison. Watch this webinar now to protect you and your business.

Sean will be covering the following topics with our Veil clients:

  • Why enact CTA now?
  • What does FinCEN do?
  • Who is mandated to file?
  • What must you disclose?
  • “Beneficial Owner”…what’s that?!
  • Deadlines are fast approaching.
  • Is this a one-time thing?
  • “FinCEN Identifier”…what’s that?!
  • Civil and criminal penalties.
  • What do you do next?

We have been keeping your business compliant for years with your local state. Let us help you keep your business in compliance with the federal government..

Don't wait, please register now.

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Immediate Action Advisable

The Corporate Transparency Act (“CTA”) is a new federal law that may affect you in significant and unexpected ways. Since the law only becomes effective January 1, 2024 and entities created before 2024 only have to file January 1, 2025 it seems that most folks are just not taking any action now. That could be a significant mistake. - Forbes

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The Cost Burden To Small Business Is Astounding

"The average compliance cost is estimated to be around $8,000*, or an additional \*$5.6 billion collectively, spent annually by small businesses on ongoing reporting and compliance. This cost will be even higher for those businesses and firms who are not proactive** in gathering and reporting information."\ - Forbes

Business Owners Are Not Informed Of This New Bill

Sixty-three percent of respondents to a recent small-business survey conducted by the National Small Business Association reported being “somewhat” or “extremely worried” about the Corporate Transparency Act’s new disclosure requirements — even though 47 percent of the respondents had “no idea” what the act even was. - The New York Times
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The Corporate Transparency Act: Will it Impact You?

As the CTA is a new law, there are components that are vague and raise questions about how the law will be applied. Discussion of your entity structure and ownership with your attorney can help address disclosure requirements and inadvertent failure to comply with the law’s reporting requirements. - JD SUPRA

Your Presenters

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Sean Walker
Manager
Veil Solutions LLC
Profile
Amanda Todachiny
Paralegal
Veil
  • Profile
    Sean Walker
    Manager
    Veil Solutions LLC
  • Profile
    Amanda Todachiny
    Paralegal
    Veil
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I love the satisfaction of protecting families and their business interests. It gives me a great sense of accomplishment.
Amanda Todachiny
Asset Protection Paralegal
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Our client is our greatest asset.
Carolina Delgado
Asset Protection Paralegal
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