Page 4 - Jupiter West - September '24

Page 4, Jupiter West
CTA Imposes New

Small Business Reporting Requirements For 2024

By Anné A final rule has been issued stating how the new law will or registration to file a report. Entities created on or after
Desormier-Cartwright, JD be implemented to help businesses understand whether the January 1, 2025 will have 30 days to submit the reports
Small business owners will law applies to them, how to comply, and which agencies will to FinCEN.
have one more item on their have access to the information they must report. CTA violations Small business organizations such as the National Small
compliance to-do list when the carry civil and criminal penalties, including imprisonment. Business Association (NSBA) and the National Federation
Corporate Transparency Act Why Was The CTA Passed? of Independent Businesses (NFIB) oppose the CTA, calling it
(CTA) takes effect next year. The CTA was passed as part of the National Defense cumbersome, intrusive, overly punitive, and unconstitutional.
The CTA, enacted as Authorization Act for Fiscal Year 2021. It directs the U.S. NSBA states that small businesses are unfairly impacted because
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part of the Anti-Money Department of the Treasury’s Financial Crimes Enforcement they usually do not have compliance teams or staff attorneys.
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Laundering Act of 2020 Network (FinCEN) to gather information from private Eighty percent of the small businesses surveyed by NFIB
(AMLA), places new companies about their owners and controlling persons. Acting are against the new reporting requirements, which NFIB claims
reporting requirements on Director Himamauli Das said, “FinCEN is taking aggressive are unclear. NFIB notes that each state has different standards
many business entities to expose illegal activities, including aim at those who would exploit anonymous shell corporations, and practices for business entity formation, potentially leading
the use of shell companies to launder money or conceal front companies, and other loopholes to launder the proceeds to uncertainty about whether a business must report to FinCEN.
illicit funds. Around 30 million small businesses will be of crimes, such as corruption, drug and arms trafficking, or For example, some states require sole proprietorships and
impacted by the law, which will establish a federal database terrorist financing.” 2 general partnerships to register with state agencies, while other
of information, furnished by “reporting companies,” that will To counter the risks allegedly posed by anonymous shell states do not.
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be accessible to certain authorities and organizations. companies, the CTA mandates the creation of a national Does The CTA Require My Business To Report?
registry that contains certain information about business The CTA applies to companies that are created by filing
entities that are formed by filing a document with a state’s
a document with a state authority. Typically, this includes
What Causes secretary of state or similar office. corporations and limited liability companies. Depending on the
state, it could also include limited partnerships, professional
What Does The CTA Require?
Dyslexia? Effective January 1, 2024, the CTA requires that certain associations, cooperatives, real estate investment trusts, and
businesses disclose to FinCEN information about the
trusts. In addition, the CTA applies to non-U.S. companies that
company, its beneficial owners and, in some cases, the
are registered to operate in the United States.
company applicant. NFIB estimates that, based on these rules, 30 million
By Jim Forgan, Ph.D., Reporting companies—defined as any company with small businesses will have to report to FinCEN. However,
Licensed School 20 or fewer employees that is formed by filing paperwork the CTA exempts around two dozen categories of companies,
Psychologist with the Secretary of State or equivalent official—that including companies that
If you have a loved are created or registered prior to January 1, 2024, have ● are publicly-traded;
one with dyslexia or until January 1, 2025, to file an initial report; reporting ● have more than 20 full-time U.S. employees;
suspected dyslexia in companies created or registered after January 1, 2024 and
your child, you might before January 1, 2025, will have 90 days after creation CTA Imposes on page 5
have asked yourself,
“What causes dyslexia?”
It is a question many
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not emphasizing learning in the home.
Researchers have not identified one cause for dyslexia.
They have identified that dyslexia is highly genetic. If
reading difficulty resides in your family tree, it might be
the root cause. Approximately 60 percent of people with
dyslexia have a genetic link. Another cause of dyslexia 747-PALM
is presumed due to neurodevelopmental differences in
brain structure. Functional MRI imaging of the brain 747-7256
has allowed researchers to note reduced activations in
left temporal, parietal, and fusiform regions. There is
often a deficit in the phonological loop which interferes
with learning and remembering the sounds of language.
Other researchers identified that people with dyslexia
have slower rapid automatic naming which is distributed Are You Ready Hurricane?
across four lobes and results in decreased reading speed.
Although the causes of dyslexia vary, dyslexia can
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