By W. Matthew Willett, Esquire

Associate

Are You Clear On FinCEN's Corporate Transparency Act?

The Corporate Transparency Act ("CTA") is a new federal law that went into effect on January 1, 2024, in an effort for the Financial Crimes Enforcement Network (“FINCEN”) to combat money laundering. Under the Corporate Transparency Act, business entities must submit information about the beneficial owners of the business to FINCEN through FINCEN’s website at https://boiefiling.fincen.gov/ by filing a Beneficial Ownership Information Report.

What Are the Penalties for Noncompliance?



The CTA carries significant penalties for willful violations of the Act. These penalties include a $500 daily fine for every day that the entity is not in compliance with the CTA. Additionally, the Act imposes up to an additional $10,000 fine and up to 2 years in prison for willful violations. Read more here and watch Matthew's video which should help answer all of your questions.

By Tabitha Relota

Tax Accountant, Enrolled Agent

Did You Know We Handle Tax Controversy?

You do not have to face IRS and/or state tax problems alone.

Filing of tax returns, payment of tax liabilities and potential IRS and/or state tax problems can be very intimidating to most taxpayers. Taxpayers may find it difficult to understand the complexities of tax law and its applicability to their individual tax situations.

Taxpayers may benefit greatly from hiring a tax professional to help understand their current tax situation and any potential problems that they may encounter with the IRS and/or state. Enrolled Agents (EAs), Tax Attorneys and Certified Public Accountants (CPAs) can provide valuable insight regarding tax law and assist with any tax issues that a taxpayer may face.

Enrolled Agents are credentialed by the IRS. Read more