Are you ready for the new Corporate Transparency Act?
On Jan. 1, 2024, the Corporate Transparency Act (CTA) became effective. Every new corporation, limited liability company (LLC), limited partnership and any entity whose existence is created by a filing with a Secretary of State in any state must file with the Financial Crimes Enforcement Network (FinCEN).
…more than 32 million entities are estimated to be affected and YOU are likely one of them!
Essentially it means If you have an entity (or create a new one) then you need to report that entity to FinCEN.
That sounds scary, I know…
The good news is it’s actually pretty simple & easy to do. In today’s video I’m going to walk you through the process so you can knock it out and continue focusing on the money making activities in your business!
It looks like you have 90 days this year, and it will turn to a 30-day deadline next year per the Fincen website:
A reporting company created or registered in 2024 will have 90 calendar days to file after receiving actual or public notice that its creation or registration is effective.
A reporting company created or registered on or after January 1, 2025, will have 30 calendar days to file after receiving actual or public notice that its creation or registration is effective.