Compliance Made Clear

MESSAGE FROM THE PRESIDENT

December 2, 2024

A few years ago, the Congress passed the Corporate Transparency Act. The Act requires companies to identify the ultimate owners or controllers of businesses and report that information to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). The goal of the Treasury Department's Financial Crimes Enforcement Network is to spot financial crimes and shut them down as quickly as possible.

The reporting requirements and the duties of businesses are the focus of a webinar we are hosting this Thursday, December 5 with Philip Lam, beneficial ownership operations and innovation chief at FinCEN.

To learn more about the Act and ensure your business is compliant with BOI filing requirements, please register here to join this important free informational session.

News You Can Use

This week’s key economic news starts with October construction spending today, followed by November auto sales tomorrow. Wednesday brings us the ADP employment results for November, October factory orders, and afternoon remarks from Fed Chair Jerome Powell. Several regional Fed leaders will make speeches on Friday and reflect on various issues, including November employment figures and October consumer credit numbers.

This is a relatively light week for companies with earnings calls. Salesforce headlines on Tuesday, and is joined by Marvell Technology, Torrid, and others. Wednesday’s calls include Campbell’s, Chewy, Foot Locker, Hormel Foods, Royal Bank of Canada, and ChargePoint. Thursday’s calls feature Bank of Montreal, Brown-Forman, Signet Jewelers, TD Bank, Ulta Beauty, DocuSign, and Hewlett Packard Enterprise.

Michael J. Quaranta

President

Delaware State Chamber of Commerce

Compass Point is a family business consulting firm specializing in family-owned companies. They believe the long-term success of family business systems depends on the functioning and mutual support of each of the overlapping groups that comprise the family business system: family, business and ownership.

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