{"id":1364,"date":"2023-11-15T16:54:57","date_gmt":"2023-11-15T15:54:57","guid":{"rendered":"https:\/\/www.demo10.positive.it\/?p=1364"},"modified":"2023-11-15T16:55:27","modified_gmt":"2023-11-15T15:55:27","slug":"corporate-transaparency-act","status":"publish","type":"post","link":"https:\/\/techlegal-partners.com\/en\/corporate-transaparency-act\/","title":{"rendered":"Corporate Transaparency Act"},"content":{"rendered":"<p><strong>Corporate Transparency Act (CTA)<\/strong><\/p>\n<p>Federal legislation enacted on January 1, 2021 and effective on January 1, 2024, the CTA is intended to aid law enforcement in combatting money laundering, tax fraud, terrorism financing, and other illicit activity conducted through anonymous shell companies (31 U.S.C. \u00a7 5336).<\/p>\n<p>The CTA\u2019s reporting requirements are intended to be broadly applicable, and may principally impact small companies, rather than large or otherwise highly regulated entities, many of whom will be exempt. There are civil and criminal penalties for failing to comply with the CTA.<\/p>\n<p>The CTA requires \u201creporting companies\u201d under its rules to file with the US Department of the Treasury\u2019s Financial Crimes Enforcement Network (FinCEN) certain information about the reporting company and personal information for two categories of individuals:<br \/>\n\u2022 The beneficial owners (as defined under the CTA) of the reporting company.<br \/>\n\u2022 For reporting companies formed or registered to do business in the US on or after January 1, 2024, the individuals (applicants) who filed an application to create the entity or register it to do business in the US.<\/p>\n<p>Under FinCEN\u2019s final beneficial ownership information (BOI) reporting rule (31 C.F.R. \u00a7 1010.380), any US reporting company formed or, in the case of a foreign reporting company, registered to do business in the US:<br \/>\n\u2022 On or after January 1, 2024, must file its initial BOI report within 30 calendar days of creation or, for a foreign entity, registration to do business in the US (subject to a proposed extension to 90 calendar days for reporting companies created or registered in 2024).<br \/>\n\u2022 Before January 1, 2024, has until January 1, 2025, to file its initial BOI report.<\/p>\n<p>Reporting companies must also update their BOI report with any changes to previously reported information within 30 calendar days of the change.<\/p>\n<p>FinCEN will maintain the reported BOI in a nonpublic database accessible only in certain circumstances by a limited number of authorized entities.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Corporate Transparency Act (CTA) Federal legislation enacted on January 1, 2021 and effective on January 1, 2024, the CTA is intended to aid law enforcement in combatting money laundering, tax&#8230;<\/p>\n","protected":false},"author":1,"featured_media":1312,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[13],"tags":[],"class_list":{"0":"post-1364","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business-internationalization"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - 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