By Daniel Dower, Attorney with Burrows Law Group
The Corporate Transparency Act (CTA) is a landmark piece of legislation that requires certain companies to report Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN).
Unless qualified for an exemption, virtually every company must submit a BOI Report by December 31, 2024, or face significant penalties.
While your CPA may want to assist, it is important that you obtain legal advice to ensure compliance with these mandatory regulations. The complexity of these requirements makes it crucial to contact an attorney. Burrows Law Group has developed a state-of-the-art program with CTA Reports and FincenFetch to ensure our clients stay informed and compliant. We have made the process seamless for your company to be compliant. Please visit www.cta-reports.com to complete your report online today. If you would like to speak with an Attorney prior to completing your report, you may visit us on the web at www.burrowsatlaw.com or contact us by phone at 972-304-6000 to schedule your no obligation consultation.
Why You Should Contact an Attorney:
- Understanding the CTA Requirements: The CTA is designed to fight money laundering, fraud, and other illicit financial activities by increasing transparency around who controls businesses. However, the law is broad, and understanding how and when to file reports can be confusing.
- Avoiding Costly Mistakes: Failure to comply with the CTA can result in hefty fines—in excess of $500 per day—and potential criminal penalties. Mistakes such as failing to report or submitting incomplete or incorrect information can lead to serious legal consequences. Burrows Law Group can help you minimize the risk of errors that could expose your company to these penalties.
- Customizing Legal Guidance: Not every business will have the same reporting obligations under the CTA. An experienced attorney will provide guidance based on your company’s structure, size, and ownership.
- Navigating Complex Ownership Structures: The CTA mandates that businesses report the identities of individuals who own or control 25% or more of a company as well as any individual with substantial control, which is broadly interpreted.
- Ongoing Compliance: The CTA doesn’t stop at the initial BOI report. If your reported information changes, even just a new address, you are required to update your report. We have systems in place to keep you informed about your ongoing obligations and ensure your business remains compliant.
Burrows Law Group: Your CTA Compliance Experts
Navigating the CTA’s complexities requires legal expertise. Burrows Law Group is a subject matter expert on the Corporate Transparency Act. The attorneys at Burrows Law Group can help ensure that your company is meeting its reporting obligations accurately and on time.
With the deadline fast approaching, it’s essential to act now. Please visit www.cta-reports.com to complete your report online today. If you would like to speak with an Attorney prior to completing your report, you may visit us on the web at www.burrowsatlaw.com or contact us by phone at 972-304-6000 to schedule a consultation.
The information provided herein does not, and is not intended to, constitute legal advice; it is for general informational purposes only. No reader should act or refrain from acting on the basis of this information alone.
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