To learn more about the Corporate Transparency Act and get the most updated information, explore this page for more details: https://aba.link/ipn

Executive Attorney Amanda Wynalda discusses How the Corporate Transparency Act Impacts Small to Medium-Sized Businesses.

Starting January 1, 2024, reporting companies must disclose detailed information about themselves and their beneficial owners to FinCEN. This includes names, addresses, identification numbers, and even scanned copies of photo identification.

However, compliance isn't always straightforward. Many small to medium-sized businesses face challenges like uncertainty, internal contention, and a lack of communication.

As an owner or manager of a reporting company, if you fail to file a BOI report or provide false information, there are fines of $500 per day, up to $10,000 per violation. This can amount to a hefty chunk of change for a small to medium-sized business. On a personal level, there’s also a potential criminal penalty of up to two years of imprisonment for beneficial owners who violate the CTA.

So if you want to learn more or would even like assistance with CTA reporting, please head to our Corporate Transparency Act info page. Take care!
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.

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