What is the Corporate Transparency Act and How Does it Affect You?

As part of our commitment to keeping you informed and ensuring your business remains compliant with relevant legislation, we would like to bring to your attention the recently enacted Corporate Transparency Act 2024.

The Corporate Transparency Act, effective January 1, 2024, mandates that companies, irrespective of their size, are required to report information to the Financial Crimes Enforcement Network (FinCEN) about the individuals who ultimately own or control them. This new requirement aims to enhance transparency in corporate ownership and prevent the illicit use of companies for money laundering and other financial crimes.

At the Law Offices of Khani & Auerbach, we understand the importance of compliance with such regulations and are here to assist you in navigating the intricacies of the Corporate Transparency Act. Our team of experienced legal professionals is ready to guide you through the reporting process and ensure that your company meets all the necessary requirements.

Here are the key points regarding the Corporate Transparency Act:

  1. Reporting Obligation: Companies are now obligated to submit information about their beneficial owners to FinCEN.
  2. Deadline: FinCEN began accepting reports on January 1, 2024.
  3. Assistance from Khani & Auerbach: Our legal experts are available to help you understand and fulfill your reporting obligations under the Corporate Transparency Act.
  4. Avoiding Violations: Non-compliance with the Corporate Transparency Act can result in penalties and legal consequences. Let us assist you in avoiding these risks.

To ensure that your company is not in violation of this new regulation, we recommend taking proactive steps to meet the reporting requirements. Our team is well-equipped to assist you in gathering the necessary information and submitting accurate reports to FinCEN.

If you have any questions or concerns regarding the Corporate Transparency Act or if you would like to discuss how our firm can support your compliance efforts, please do not hesitate to contact us at (954) 921-1517 or submit your inquiry here at Contact Us.

Thank you for entrusting the Law Offices of Khani & Auerbach with your legal needs. We look forward to assisting you in navigating the regulatory landscape and ensuring the continued success of your business.

Best regards,

Law Offices of Khani & Auerbach