💡The Corporate Transparency Act is enforced by FinCEN, the Financial Crimes Enforcement Network.
🔒The act requires reporting of beneficial ownership information for corporations, LLCs, and other entities.
💰The reporting is mandatory and has strict penalties for non-compliance, including fines.
🔎The reporting requirements apply to both existing and new entities.
🤝The act aims to increase transparency and prevent money laundering and tax evasion.
What is the deadline to comply with the reporting requirements?
—For existing entities, the deadline is by the end of 2024. For new entities, there is a 30-day registration period.
Do trusts need to be registered?
—No, trusts do not need to be registered as they are not filed with state entities.
Are there any exceptions to the reporting requirements?
—There are limited exceptions for entities that meet certain criteria, such as being inactive or having fewer than five owners.
Who enforces the Corporate Transparency Act?
—The act is enforced by FinCEN, which has enforcement abilities similar to the IRS.
What is the purpose of the Corporate Transparency Act?
—The act aims to increase transparency and prevent money laundering and tax evasion through stricter reporting requirements.
00:01The Corporate Transparency Act has brought about the death of privacy.
00:28The new law requires individuals to report beneficial ownership information for their companies.
01:16The reporting requirements apply to both existing and new entities.
02:38There are limited exceptions for entities that meet certain criteria, such as being inactive or having fewer than five owners.
08:48The Corporate Transparency Act is enforced by FinCEN, which has enforcement abilities similar to the IRS.
