Important Reminder: 1099 Forms for 2023 Tax Year
Please read: 2024 Corporate Transparency Act Reporting Requirement
Seth & Alexander and Seth & Associates clients,
A recent development that may impact your business operations—the Corporate Transparency Act (CTA) will be in effect January 1st, 2024. This federal legislation aims to enhance corporate transparency and combat money laundering and illicit activities.
At Seth & Associates, we understand the importance of compliance with evolving regulations. Our team is ready to assist you in navigating the complexities of the Corporate Transparency Act. We can provide guidance on identifying beneficial owners, preparing the required documentation, and ensuring timely and accurate submissions to FinCEN.
What is the Corporate Transparency Act (CTA)?
The CTA, signed into law on January 1, 2023, mandates certain businesses to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). Beneficial ownership refers to individuals who directly or indirectly own or control 25% or more of a legal entity.
How does this affect you?
As valued clients of Seth & Associates, it is essential for you to be aware of the CTA requirements. If your business falls under the scope of the CTA, you will need to report beneficial ownership information to FinCEN. Failure to comply with the CTA may result in penalties and fines.
What do you need to do?
1. Identify Beneficial Owners:Determine individuals who own or control 25% or more of your company, including indirect ownership through other entities.
2. Gather Required Information: Collect necessary information about the beneficial owners, such as full legal names, addresses, dates of birth, and Social Security numbers.
3. Submit to FinCEN: File the required beneficial ownership information with FinCEN through their secure portal within the specified deadlines.
See Exceptions: (Click Here)
Feel free to reach out to Val Aguirre
VAguirre@SethandAlexander.com or call 713-965-7572 X-708 with any questions or to schedule a consultation regarding your specific situation.
Thank you for entrusting Seth & Alexander and Seth & Associates with your financial needs. We remain committed to supporting you through these regulatory changes