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Now is the opportune moment to prioritize the Corporate Transparency Act!

Take advantage of our expertise as we guide you through the process of filing your Beneficial Ownership Report.

“CTA” stands for the Corporate Transparency Act, and it is a law that was passed back in 2021 but will actually begin in January 1st, 2024. The CTA has a Federal Reporting Requirement for ALL Corporate Entities to FinCEN – this includes Corps/INCs, LLCs, etc. What this means is that as of January 2024, in addition to your corporate renewal that must be done with the State of Florida, there is going to be a separate filing with the federal government regarding corporate beneficial ownership and management. YES, you read that right. EVERY SINGLE COMPANY will have to file this report with the Federal Government no matter what type of business it is. As it stands, you will have 90 days starting from Jan 1st to file this report, so the deadline is MARCH 30th. Please note, this is different than your Florida annual reporting that is due by APRIL 30th every year.

Beneficial Ownership Report

All Reporting Companies, including corporations, LLCs, and similar entities created under state or tribal law, must file online reports with FinCEN containing specific information about the companies and their Beneficial Owners. Beneficial Owners are individuals who either directly or indirectly own or control at least 25% of the ownership interests or exercise Substantial Control over the entity. Substantial Control includes being a Senior Officer, having the authority to appoint or remove key personnel, being an important decision-maker, or having any other form of substantial control, such as serving as a Trustee. The online forms for filing these reports are not currently available.

Avoid potential filing errors

Initiate the compliance process with the Corporate Transparency Act by creating a list of privately held entities you’re involved with. Include all necessary details for each entity. Keep in mind that this summary may not cover every scenario. If you’re unsure about how the law affects your trusts, partnerships, LLCs, or other entities, contact us for assistance. By entrusting us with this task, we’ll handle the complexities to ensure a seamless and accurate compliance process. This allows you to focus on your business while we navigate the intricacies of the Corporate Transparency Act, providing you with peace of mind and preventing any potential filing errors.

Penalties for non-reporting

The consequences for failing to submit the Beneficial Ownership Report, as stipulated by the Corporate Transparency Act (CTA) in 2024, are substantial. All entities who neglect to fulfill this reporting requirement expose themselves to significant financial penalties. Specifically, the penalty accrues at a rate of $500 per day, accumulating until the report is submitted, with a maximum cap set at $10,000. This enforcement mechanism underscores the critical importance of compliance with the CTA, emphasizing the seriousness of adhering to the regulations surrounding beneficial ownership disclosure. Entities are strongly encouraged to prioritize timely and accurate reporting to avoid incurring these substantial penalties and to contribute to the broader objectives of corporate transparency and accountability outlined in the legislation.

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Trust Counsel, PL

201 Alhambra Circle, Suite 802
Coral Gables, FL 33134
Phone: (305) 707-7126
Fax: 305-397-2277
Hours: Monday-Friday 9am - 6pm

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