Business owners, are you sure you’re in compliance with the Corporate Transparency Act? In January, penalties will begin if you haven’t filed an initial report with your ownership details.
The Corporate Transparency Act (CTA), enacted in 2021, aims to curb illicit activities such as tax fraud, money laundering, and terrorist financing by requiring more detailed ownership information for certain U.S. businesses. Under this legislation, businesses that meet specific criteria must file a Beneficial Ownership Information (BOI) Report with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN), identifying individuals linked to the reporting company.
Focus Advisor Solutions
When advisors work with Focus Advisor Solutions, they gain the strength of a nationwide community of wealth management professionals. With the support of a diverse team of financial planning leaders, tax professionals, investment researchers and portfolio managers, advisors are able to orchestrate a bespoke plan, tailored to each client’s unique situation. Clients benefit from Focus’s team of dedicated professionals who are constantly exploring and assessing the ever-changing landscape of investments, tax code, markets and planning strategies—with a singular focus on maintaining an evidence-driven, fiduciary approach that puts client’s interests first.
