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Here's What You Need to Know About the Corporate Transparency Act
We'll make sure your business in Freehold, NJ or Hicksville, NY complies with the new regulations
According to the Corporate Transparency Act, small businesses will be required to file a Beneficial Ownership Information (BOI) Report with the U.S. Department of Treasury's Financial Crime Enforcement Network (FinCEN). The new act goes into effect on January 1, 2024. Noncompliance with the new requirements can result in severe consequences, such as high fines or jail time.
If you're a small business owner in Freehold, NJ or Hicksville, NY, call the Law Offices of David A. Weinstein, P.C. Our local attorney can provide more information about:
- Who is required to file a report
- When the report must be filed
- What information must be reported
We'll do everything in our power to ensure your business complies
with the new rules and regulations set forth by the Corporate Transparency Act.
Why is the Corporate Transparency Act so important?
There are over two million corporations formed in the U.S. every year. Many of these businesses have failed to disclose the identity of their beneficial owner, making it easier for them to:
- Launder money
- Commit tax fraud
- Finance terrorist activities
- Fund human and drug trafficking
The FinCEN has difficulty prosecuting these individuals due to the unavailability of information regarding their beneficial ownership. The Corporate Transparency Act will make it harder for these business owners to engage in illicit financial transactions in the future.
