As of January 1, 2024, the Corporate Transparency Act (CTA) has taken effect. The Act was originally signed in 2021 but has taken several years of planning to implement. We wanted to walk through some of the basic guidelines to clarify who needs to file the paperwork to comply with this new act. The CTA was created to help the Financial Crimes Enforcement Network (FinCEN) with tracking and discovering fraudulent entities that are laundering money, hiding assets, and funding illegal activities. The information that needs to be filed is fairly straightforward for the majority of businesses that need to file a report. We want to focus on the basics throughout this overview. If you have any questions or more complex situations please contact us and we can talk through your situation with you. The first step to filing a Beneficial Ownership Information (BOI) report is to determine if the business is formed in such a way that it is subject to the CTA. Only entities that are formed by fili
This blog posts answers to questions given to us by ministers and others serving in Christian ministries advancing the gospel of Jesus Christ. It also discusses other financial topics that those in gospel ministries face. We trust the information provided can be helpful to you.