Corporate Transparency Act
Davis Butler, Esq., provided a webinar regarding the Corporate Transparency Act. This law requires that practices, no later than January 1, 2025:
- Go to the FinCEN website and complete the registration of all owners, shareholders, officers and people who exercise control in an office should be reported as a beneficial owner, even if their ownership is not 25% or more (for example, the Practice Administrator should be reported).
- It is better to over report versus under report as the fines are significant.
- Completing the report online is easy and requires a few documents as noted in the attached procedure.
- Any changes to the beneficial ownership must be updated online within 90 days of the change (like a new partner or a physician retiring). This is critical to avoid fines.
For more information, view a reference document created by Davis Butler, Esq., regarding the Corporate Transparency Act.
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