Client Alert: New Reporting Requirement Affecting ALL Businesses

📢 Client Alert
Effective January 1, 2024, FinCEN (Financial Crimes Enforcement Network) mandates most businesses to report beneficial ownership information. Failure to comply with this requirement can result in significant penalties, including civil penalties of up to $500 per day and criminal penalties of up to two years' imprisonment and a $10,000 fine.
In our video, we break down the Corporate Transparency Act (CTA) and guide you through the essentials of reporting beneficial ownership. Find out who the CTA applies to, where and what to file, and the deadlines for filing your Beneficial Ownership Information (BOI) report.
For full details and compliance guidance, refer to the compliance guidebook provided by FinCEN or read our full client alert here: www.simonpasch...
At Simon Paschal, we're here to support you every step of the way. If you have any questions or need assistance, don't hesitate to reach out to our team [e-mail]
www.simonpaschal.com