Page 5 - Jupiter West - September '24
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CTA Imposes from page 4 or other state-issued identification (ID), along with a copy of requirements. With the law’s effective date in place, we
the ID document. encourage you to reach out now to start working on a CTA
● filed a previous year’s tax return showing more than $5 ● A company applicant is required to submit the same compliance strategy.
million in gross receipts or sales; information as a beneficial owner. If you have questions about your estate plan and what
● have an operating presence at a physical U.S. office Who Has Access To FinCEN BOI Reports? documents you should have in place to plan your estate,
location; The CTA authorizes FinCEN to disclose BOI information schedule a free consultation today by calling our office at
● operate in a regulated industry, such as banking, to five categories of recipients: (561) 694-7827, Anné Desormier-Cartwright, Esq., Elder and
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utilities, or insurance, that already imposes similar reporting ● U.S. federal, state, local, and tribal government agencies Estate Planning Attorneys PA, 480 Maplewood Drive, Suite 3,
requirements; or ● Foreign law enforcement agencies, judges, prosecutors, Jupiter, FL 33458.
● are subsidiaries of exempt organizations. and other authorities The content of this article is general and should not be
The exemptions, which generally include larger companies ● Financial institutions relied upon without review of your specific circumstances by
that are already subject to regulation, underline the primary ● Federal regulators competent legal counsel. Reliance on the information herein
purpose of the CTA: to combat money laundering and other ● U.S. Department of the Treasury is at your own risk, as it expresses no opinion by the firm
illicit activities conducted via small, private, and anonymous FinCEN may only disclose BOI information “under on your specific circumstances or legal needs. An attorney
shell companies. specific circumstances”: there are more stringent requirements client relationship is not created through the information
What Information Must Be Provided In The Reports? for agencies other than those engaged in national security, provided herein.
The CTA requires three categories of information to be intelligence, and law enforcement activities. There are also To comply with the U.S. Treasury regulations, we must
reported: company, owners, and applicant. restrictions on how the information may be used and how it inform you that (i) any U.S. federal tax advice contained in
● Domestic reporting companies created before January 1, must be secured. this newsletter was not intended or written to be used, and
2024 must provide information about the company and its Some small business owners have expressed concerns cannot be used, by any person for the purpose of avoiding U.S.
beneficial owners. about the privacy implications of the CTA. The NSBA has federal tax penalties that may be imposed on such person and
￮ Beneficial owner is defined in the CTA as an filed a lawsuit challenging the CTA’s constitutionality, in part (ii) each taxpayer should seek advice from their tax advisor
individual who exercises “substantial control” over the on privacy grounds over sharing “sensitive information” with based on the taxpayer’s particular circumstances.
reporting company or has an ownership interest of at least the government. 1 National Defense Authorization Act for Fiscal Year 2021, Pub.
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25 percent. Company senior officers, directors, and others Are There Penalties For Noncompliance With The CTA? L. No. 116-283, 134 Stat. 3388 (Jan. 1, 2021).
who make significant decisions on behalf of the company Penalties for noncompliance may be steep. Willingly 2 Press Release, U.S. Dept. of the Treasury, Financial Crimes
may meet this statutory definition of “substantial control,” providing false information (including false identifying Enforcement Network, FinCEN Issues Proposed Rule for
although the broad definition may cause confusion in some documents) to FinCEN, or failing to report complete BOI Beneficial Ownership Reporting to Counter Illicit Finance and
instances. information, can result in: Increase Transparency (Dec. 7, 2021), https://www.fincen.gov/
● Domestic reporting companies created on or after January ● Fines of $500 per day, up to $10,000 news/news-releases/fincen-issues-proposed-rule-beneficial-
1, 2024, must provide information about the company, its ● Imprisonment for up to two years ownership-reporting-counter-illicit.
beneficial owners, and its company applicants. Civil and criminal liability may be avoided if an individual 3 National Small Bus. Assn., The Corporate Transparency Act,
￮ A company applicant generally is the individual who submitted an original, erroneous report did not knowingly https://www.nsba.biz/cta (last visited June 27, 2023).
who files the formation document with state authorities for the submit inaccurate information and submits an updated report 4 U.S. Treasury’s Final “Beneficial Ownership” Rule’s Impact
reporting company. correcting the inaccurate information within 90 days. Explained, NFIB (Oct. 19, 2022), https://www.nfib.com/
Technically, the information to be filed with FinCEN is Get Help With CTA Reporting Requirements content/analysis/national/u-s-treasurys-final-beneficial-
called a Beneficial Ownership Information (BOI) Report. The Understanding how the CTA applies to you, how it will ownership-rules-impact-explained/.
following is what is required in the report for a company, an affect your business, and what you must do to comply 5 Beneficial Ownership Information Access and Safeguards, and
owner, and an applicant: introduces new burdens that you may have scarce resources Use of FinCEN Identifiers for Entities, 87 Fed. Reg. 77404
● The reporting company must provide its name and any to address. (proposed Dec. 16, 2022).
alternative (DBA) names, the address of its principal place of Terms like “beneficial owner” and “substantial control” may 6 Dave LaChance, Small business group sues over federal
business, the state of formation, and its taxpayer identification seem vague and confusing, further complicating compliance ownership database, cites concerns over sharing “sensitive”
number or FinCEN identifier. efforts. But compliance is critical for business owners who info, Repairer Driven News (Nov. 17, 2022), https://www.
● Each beneficial owner of a reporting company must want to avoid possible sanctions. repairerdrivennews.com/2022/11/17/small-business-group-
furnish their full legal name, date of birth, residential address, We can help you determine whether the CTA applies sues-over-federal-ownership-database-cites-concerns-over-
and an identification number from a driver’s license, passport, to your business and the steps needed to meet its reporting sharing-sensitive-info/.
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