We hope your New Year is off to a fantastic start, filled with exciting opportunities and successful endeavors. As a follow-up to our November 10, 2023 blog post, "Breaking Down the Corporate Transparency Act: What Business Owners Need to Know," we're reaching out to provide further insights and assistance as we step into a new era of compliance.
Recap: The Corporate Transparency Act (CTA)
As a quick reminder, the CTA, effective January 1, 2024, aims to combat the misuse of shell companies for illicit activities such as money laundering and tax evasion. It requires certain entities, including Single-Member Limited Liability Companies (SMLLC), Multi-Member Limited Liability Companies (MMLLC), Close Corporations, and traditional Corporations with less than 20 employees, to report personal information about their beneficial owners to the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN).
What's New?
Reporting Deadlines
Entities Formed Before January 1, 2024: You have until January 1, 2025, to report beneficial owner information.
Entities Formed After January 1, 2024: You have 90 days to report. Changes in ownership should be reported within 30 days of such changes.
Price Adjustment for New Formations
For entities formed after January 1, 2024, the FinCEN filing service will be added to our flat-rate formation packages.
Required Information for Filing
The filing requires comprehensive information, including company name, any DBAs, current U.S. street address, state of formation or registration, EIN, and details of each beneficial owner.
How We Can Help
Here's a snapshot of our friendly pricing for the FinCEN filing services:
SMLLC: $175
MMLLC with two or fewer members: $250
MMLLC with three or more members: $500
Close Corporations with two or fewer members: $250
Close Corporations with three or more shareholders: $500
Corporations with less than 20 employees: $1000
Ask us about discounts if you have several entities.
Navigating Compliance with Ease
We understand the significance of staying compliant with regulatory changes, especially when substantial fines are on the line. Consider us your partners in navigating these transitions seamlessly.
Questions or Ready to Get Started?
Got questions or eager to get started? Simply email us at info@athenalegalsolutionsllc.com or give us a call at 608.293.4574. We're here to make the compliance process hassle-free and ensure your business stays compliant and successful.