WEBINAR: The deadline for the Corporate Transparency Act is coming – what does your business, co-op, or organization need to do?
Congress enacted the Corporate Transparency Act to provide the U.S. Treasury Department’s Financial Crimes Enforcement (FinCEN). Under the law, businesses and business entities, including corporations, LLCs, co-ops, or other organizations registered to do business in the United States have until January 1, 2025 to submit a Beneficial Ownership Information Report (BOI Report) listing all of the “beneficial orders,” or individuals who exert substantial decision-making control over the entity (for co-ops, including the members of its Board of Directors).
The penalties for non-compliance can be severe. Entities that intentionally file false or misleading information could face fines up to $10,000 or up to two years in prison.
What does your business, organization, or co-op need to do in order to comply with the law and avoid the penalties? Do you qualify for one of the twenty-three categories of businesses that are exempt from these reporting requirements?
Join one of our webinars to find the answers to your questions!