Page 20 - The Jewish Voice - September '24

Page 20, The Jewish Voice

Lifestyles from page 19 The content of this article is general and should not be relied Registered Dietitian and Nutritionist Dawn Jackson
upon without review of your specific circumstances by competent Blatner recommends five tips that will allow you to enjoy
• are subsidiaries of exempt organizations. legal counsel. Reliance on the information herein is at your the sunshine while keeping your mind and body energized.
The exemptions, which generally include larger companies own risk, as it expresses no opinion by the firm on your specific 1. Try different types of movement
that are already subject to regulation, underline the primary circumstances or legal needs. An attorney client relationship is Healthy movement doesn’t have to always look the
purpose of the CTA: to combat money laundering and other not created through the information provided herein. same, and it doesn’t have to be boring. You can have a blast
illicit activities conducted via small, private, and anonymous To comply with the U.S. Treasury regulations, we must while maintaining your wellness, such as playing pickleball,
shell companies. inform you that (i) any U.S. federal tax advice contained in this swimming laps to cool off, going paddle boarding, or
What information must be provided in the reports? newsletter was not intended or written to be used, and cannot enjoying a lively game of beach volleyball with friends.
The CTA requires three categories of information to be be used, by any person for the purpose of avoiding U.S. federal A trending sport like pickleball is especially fun this time
reported: company, owners, and applicant. tax penalties that may be imposed on such person and (ii) each of year, because it’s easy to pick up and can be played by
• Domestic reporting companies created before January taxpayer should seek advice from their tax advisor based on the anyone no matter the age or skill level. It’s a fantastic way
1, 2024 must provide information about the company and its taxpayer’s particular circumstances. to get moving, meet new friends, and have a ton of fun.
beneficial owners. 1 National Defense Authorization Act for Fiscal Year 2021, Pub. 2. Hydrate with coconut water
○ Beneficial owner is defined in the CTA as an L. No. 116-283, 134 Stat. 3388 (Jan. 1, 2021). Water alone is great for hydration, but it isn’t always
individual who exercises “substantial control” over the 2 Press Release, U.S. Department of the Treasury, Financial enough on hot days. Try drinking coconut water with a pinch
reporting company or has an ownership interest of at least Crimes Enforcement Network, FinCEN Issues Proposed Rule of sea salt to replace the electrolytes you lose by working
25 percent. Company senior officers, directors, and others for Beneficial Ownership Reporting to Counter Illicit Finance up a sweat in the heat. It’s low in calories and doesn’t have
who make significant decisions on behalf of the company and Increase Transparency (Dec. 7, 2021), https://www.fincen. the added sugar or artificial coloring you may find in sports
may meet this statutory definition of “substantial control,” gov/news/news-releases/fincen-issues-proposed-rule-beneficial- drinks. Plus, the naturally sweet taste is a great thirst quencher
although the broad definition may cause confusion in some ownership-reporting-counter-illicit. on a warm day.
instances. 3 National Small Bus. Association, The Corporate Transparency 3. Energize with foods rich in vitamin B12 early in the day
• Domestic reporting companies created on or after Act, https://www.nsba.biz/cta (last visited June 27, 2023). B12 helps support energy production and keeps you going
January 1, 2024, must provide information about the 4 U.S. Treasury’s Final “Beneficial Ownership” Rule’s Impact throughout an active day. If you’re looking for foods to add
company, its beneficial owners, and its company applicants. Explained, NFIB (Oct. 19, 2022), https://www.nfib.com/content/ to your diet that are rich in B12, try incorporating more
○ A company applicant generally is the individual analysis/national/u-s-treasurys-final-beneficial-ownership-rules- dairy products like yogurt and milk, eggs and fish. B12 is
who files the formation document with state authorities for impact-explained/. naturally found in animal-based foods, but you can also get
the reporting company. 5 Beneficial Ownership Information Access and Safeguards, it in fortified foods such as some plant milks and cereal.
Technically, the information to be filed with FinCEN is and Use of FinCEN Identifiers for Entities, 87 Fed. Reg. 77404 4. Snack on magnesium-rich foods in the evening
called a Beneficial Ownership Information (BOI) Report. The (proposed Dec. 16, 2022). Magnesium is great for people with active lifestyles
following is what is required in the report for a company, an 6 Dave LaChance, Small business group sues over federal because it supports muscle health, but it also can help you
owner, and an applicant: ownership database, cites concerns over sharing ‘sensitive’ sleep. The Sleep Foundation reports that magnesium helps
• The reporting company must provide its name and any info, Repairer Driven News (Nov. 17, 2022), https://www. with duration and quality of sleep, which is important for
alternative (DBA) names, the address of its principal place of repairerdrivennews.com/2022/11/17/small-business-group-sues- recovery, especially for those who are more active during the
business, the state of formation, and its taxpayer identification over-federal-ownership-database-cites-concerns-over-sharing- day. When you’re winding down for the night, try snacking
number or FinCEN identifier. sensitive-info/. on a magnesium trail mix of almonds, pumpkin seeds, and
• Each beneficial owner of a reporting company must dark chocolate.
furnish their full legal name, date of birth, residential address, Stay Energized in the Late 5. Recover and refuel
and an identification number from a driver’s license, passport, After an active day, whether you’re playing pickleball or
or other state-issued identification (ID), along with a copy of Summer Heat swimming laps, enjoy a recovery meal with quality carbs,
the ID document. proteins, and healthy fats. Egg-centric meals are a great
• A company applicant is required to submit the same Late summer is the perfect season for outdoor fun and choice, and it’s important to know that not all eggs are created
information as a beneficial owner. a great time for families to focus on health and wellness. equal. Eggland’s Best eggs contain 25 percent less saturated
Who has access to FinCEN BOI reports? There are so many ways to enjoy activities that get you and fat, more than double the omega-3s and vitamin B12, and
The CTA authorizes FinCEN to disclose BOI information your family moving and grooving, as well as delicious and
to five categories of recipients: nutritious foods to fuel those outdoor adventures. Lifestyles on page 22
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• U.S. federal, state, local, and tribal government agencies
• Foreign law enforcement agencies, judges, prosecutors,
and other authorities
• Financial institutions
• Federal regulators
• U.S. Department of the Treasury
FinCEN may only disclose BOI information “under specific
circumstances”: There are more stringent requirements for
agencies other than those engaged in national security,
intelligence, and law enforcement activities. There are also
restrictions on how the information may be used and how it
must be secured.
Some small business owners have expressed concerns
about the privacy implications of the CTA. The NSBA has
filed a lawsuit challenging the CTA’s constitutionality, in part
on privacy grounds over sharing “sensitive information” with
the government.
6
Are there penalties for noncompliance with the CTA?
Penalties for noncompliance may be steep. Willingly
providing false information (including false identifying
documents) to FinCEN, or failing to report complete BOI
information, can result in:
• Fines of $500 per day, up to $10,000
• Imprisonment for up to two years
Civil and criminal liability may be avoided if an
individual who submitted an original, erroneous report did
not knowingly submit inaccurate information and submits an
updated report correcting the inaccurate information within
ninety days.
Get help with CTA reporting requirements.
Understanding how the CTA applies to you, how it
will affect your business, and what you must do to comply
introduces new burdens that you may have scarce resources
to address.
Terms like “beneficial owner” and “substantial control”
may seem vague and confusing, further complicating
compliance efforts. But compliance is critical for business
owners who want to avoid possible sanctions.
We can help you determine whether the CTA applies
to your business and the steps needed to meet its reporting
requirements. With the law’s effective date in place, we
encourage you to reach out now to start working on a CTA
compliance strategy.
If you have questions about your estate plan and what
documents you should have in place to plan your estate,
schedule a free consultation today by calling our office at
561-694-7827, Anné Desormier-Cartwright, Esq., Elder and
Estate Planning Attorneys PA, 480 Maplewood Drive, Suite
3, Jupiter, FL 33458.