The Corporate Transparency Act

On January 1, 2024 a new reporting requirement went into effect that requires millions of small businesses to file a Beneficial Ownership Information (BOI) Report with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).The Corporate Transparency Act (CTA), enacted in 2021, was passed to enhance transparency in entity structures and ownership to combat money laundering, tax fraud, and other illicit activities. Today, Retha Valderas stops by to chat with host Jess Ellett about what this act means for entrepreneurs and small business owners, what the deadlines are and what the penalties will be for organizations that don't file on time.  Valderas Financial prides themselves in their expertise and superior client service. They form a relationship with their clients where they work to make sure every aspect of their finances are in order through cool, calm, accounting.Stay informed... with Retha!  Where to file for the Corporate Transparency Act:www.fincen.gov/boiLearn more about Valderas Financial Services:www.vfscpa.comFollow Valderas Financial Services on Linkedin:www.linkedin.com/in/margaretha-retha-valderas-cpa-3bb47940Thanks for listening to River City Podcast!  A River City Consulting Production. To learn more about how your organization can be interviewed on the show, please visit River City Podcast online!