Be sure you’re compliant with the CTA
The Corporate Transparency Act (CTA), enacted by Congress in 2020, empowers the Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury to collect disclosures of Beneficial Ownership Information (BOI) for many Corporations, LLCs and similar entities created in or registered to do business in the United States. Congress hopes that the law will help prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity.Government regulations require that all entities file a BOI Report with FinCEN within 90 days after the date of formation, unless the company falls under an exemption. Companies formed before January 1, 2024 must file by January 1, 2025. Determining whether your entity is exempt, and whether you need to file, is up to you and your legal advisors.
Failure to comply with this new Federal regulation is punishable by severe fines and penalties.
All the information you need about the Corporate Transparency Act can be found on the official FinCEN website.
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Harvard Business Services has partnered with FinCEN Report Company (FRC) to provide a simple onboarding process for our customers. As a courtesy, HBS will provide basic company information to FRC who will keep your information confidential and follow up with an onboarding letter.Fill out the form below to begin the onboarding process with FRC.
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