Corporate Transparency Act - Beneficial Owners Reporting 2024
April 10 • 8:30 AM - 9:30 AM
Cost
Free
Office of Minority Economic Empowerment (OMEE) »
Contact
Point of Contact: Jo Ann Di Maggio May
The Corporate Transparency Act (CTA) went into effect on January 1, 2024, impacting millions of small businesses across the U.S. If you have a business in the US, you may be subject to penalties if you fail to register as a Beneficial Owner (BOI) of your business. This seminar is for you! Knowing the intricacies of this act and its potential impact is essential for small businesses. Otherwise, they may incur criminal or civil penalties for not filing or updating this report. Enacted in 2021, the CTA aims to combat illicit activity including tax fraud, money laundering, and financing for terrorism by capturing more ownership information for specific U.S. businesses operating in or accessing the country’s market. Under the new legislation, businesses that meet certain criteria must submit a Beneficial Ownership Information (BOI) Report to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN), providing details identifying individuals who are associated with the reporting company.