Jeffrey Mosher welcomes back Robert A. Hamor, Shareholder, Foster Swift Collins & Smith PC, Southfield, MI.
Hear Robert and Jeffrey discuss the latest details on the upcoming Corporate Transparency Act that is set to impact most small business across America soon, in the SoundCloud Podcast shared below:
Their conversation covered several topics:
- What is the Corporate Transparency Act?
- What companies are required to report under it?
- What information needs to be reported?
- What happens if a company does not comply?
- How does a company get help in determining their reporting obligations?
Passed by Congress on January 1, 2021, and set to take effect on January 1, 2024, the Corporate Transparency Act (CTA) is set to dramatically change reporting requirements for many small and medium-sized businesses.
For the first time ever, legislation will mandate that qualifying businesses self-report "Beneficial Owner" information to a massive federal database. This information includes names and other identifiable information about certain people who create, own, lead, or have influence over the business as well as information about the business itself. The CTA includes many categories of "beneficial ownership" beyond those who simply own the company's equity.
Failure for qualifying businesses to comply can lead to civil penalties and criminal charges including jail time. Now is the time for businesses to seek counsel to become familiar with the regulations and to prepare themselves for the flood of reporting requirements ahead.
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If you have any questions in the meantime, please visit Foster Swift's:
Corporate Transparency Act Resource Page.
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