Skipper & Skipper P.A.

IMPORTANT UPDATE FOR COORPORATION OWNERS: Understanding the Corporate Transparency Act

As part of our commitment to keep you informed on essential legal developments, we're sharing an important update from the Financial Crimes Enforcement Network (FinCEN).

On September 29, 2022, FinCEN announced a final rule implementing the Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting requirements. This move significantly enhances the U.S. government's ability to combat illicit financial activities, including money laundering and tax evasion, particularly through corporate structures like shell companies.

Key Highlights:

Targeting Illicit Use of Corporate Structures: The new rule aims to prevent misuse of corporate entities by illicit actors, including drug traffickers and corrupt officials, who often use shell companies to launder money and hide assets.

Protection of U.S. Financial System: By making it harder for such actors to conceal their identities, the rule strengthens the integrity of the U.S. financial system and protects national security.

Reporting Requirements: The rule mandates that reporting companies, including domestic and foreign entities, submit beneficial ownership information to FinCEN. This includes details of individuals with substantial control over or owning significant portions of these companies.

Effective Date and Compliance: The rule takes effect on January 1, 2024. Existing entities have until January 1, 2025, to file initial reports, while new entities formed after the effective date must file within 30 days of their establishment.

We at Skipper & Skipper, P.A. understand that navigating these new requirements can be frustrating and complicated. If you have a corporation and need assistance understanding or complying with these new regulations, please don't hesitate to reach out. Our team is here to provide the guidance and support you need.

📞 Contact Us: 727-847-0913

Stay informed and compliant!

Skipper & Skipper, P.A.

🎄Holiday Closure Announcement🎄
Season's Greetings from Skipper & Skipper, P.A.! We are taking time this holiday season to enjoy moments with family and friends. Our office will be closed from Dec 21st to Jan 2nd, 2024. We wish you a Merry Christmas and a joyous New Year! See you in 2024!