Attention all business owners! Get ready for the Corporate Transparency Act (CTA) coming into effect on January 1, 2024. This bipartisan law aims to combat money laundering and the concealment of illicit funds through shell companies in the US.
Under the CTA, every existing, amended, or new corporation, Limited Liability Company (LLC), or other registered entity must file with the Financial Crimes Enforcement Network (FinCEN) detailed information about their business and the individuals who have "substantial control" over the company. This includes the business name, address, state of formation, Employer Identification Number (EIN), and personal details of the direct or indirect beneficial owners.
While FinCEN suggests a low compliance cost of $85, failure to comply with the filing requirements can lead to substantial penalties of $500 per day and up to $10 000 or potential jail time. To ensure compliance and avoid hefty consequences, many business owners are seeking professional advisors who are familiar with the regulations and can help navigate the reporting process.
At Pegasus Enterprise Inc., we are actively reaching out to our clients connected to corporations or LLCs, informing them about this requirement. We offer our expertise to assist you in gathering and submitting the necessary information, exploring alternative ownership options, or, if applicable, facilitating the closure of inactive entities.
Don't overlook this crucial obligation. Call us at (331) 625 2041 or (331) 481 1835 or email us at info@pegasuschoice.com.
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