Corporate Transparency Act Explained: Is Your Business Ready?

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As 2023 draws to a close, I'm getting more questions about an increasingly relevant regulation - the Corporate Transparency Act (CTA). Established in 2021, its primary motive is to deter illegal activities, specifically money laundering and tax evasion, by amplifying transparency in corporate ownership.

At first glance, a substantial proportion of the accounting community may have dismissed it as inconsequential. Yet, as the enforcement date of January 1, 2024, steadily approaches, there's a wave of realization washing over them. They're now sitting up and taking notice. The CTA - with its complex reporting requirements and broad operational impacts - isn't a regulation that businesses can sweep under the carpet. Organizations, big and small, will have to take a good, hard look at their business structure, ownership, and operations, making any necessary adjustments to comply.

Here's where there's an explicit need for you to reach out to your TEAM of professional service providers - accounting firms, tax professionals, and legal advisors. Their expertise is invaluable in clarifying doubts, helping clients understand their obligations, and guiding them to align with the new requirements. The time to act is now - don't wait for the regulation to be in full force as the SBA estimates that there are more than 27 million small businesses that may be affected by the CTA.

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00:00 Introduction
00:29 What is the CTA?
01:35 What are Reporting Companies?
02:01 When are CTA disclosures made?
03:20 Companies That Don't Have to File under the CTA
04:36 What do you have to disclose?
05:19 Who are Beneficial Owners?
05:44 Are CTA filings public?
06:16 Next Steps
06:57 Connecting with my office