THE CORPORATE TRANSPARENCY ACT WILL APPLY TO MANY U.S. BUSINESSES – ARE YOU READY??
November 9, 2023 | Carole Clark Isakson
The Corporate Transparency Act (“CTA”) is a federal law that will go into effect on January 1, 2024. Unless a company is exempt from reporting (see below) all business entities formed in the U.S. will need to complete and file a beneficial ownership disclosure form (“BOI”) with the U.S. Treasury’s Financial Crimes and Enforcement Network (“FinCen”). Will it apply to my company? The CTA applies to all entities formed in the U.S. with several significant exemptions, including but not limited to: 1) entities that are already heavily regulated (like banks and insurance companies), 2) large companies with a physical U.S. office and more than 20 employees and more than 5 million per year in revenue, 3) certain tax exempt entities, 4) accounting firms and 5) public utilities. The CTA sets out twenty-three exemptions. In addition to those exemptions, entities that are not created through a filing at a state office do not have to comply with the CTA; those entities include trusts and general partnerships. What timelines apply? Companies created before January 1, 2024 will have an entire year to make the required filing. Entities that are created on or after January 1, 2024 must make the filing within thirty days (this timeline may be extended a month or two, this has yet to be…
Read MoreCorporate Transparency Act Fraud Alert
November 7, 2023 | Carole Clark Isakson
Have you heard about the Corporate Transparency Act? Starting in January 2024, many entities will need to report ownership and management information to FinCEN — Financial Crimes Enforcement Network. This branch of the US Treasury Department collects and examines details on economic transactions to help thwart domestic and international financial crimes. Barna, Guzy & Steffen has been actively educating our clients and business partners about this important law. As people become more aware of the requirements, criminals have seen this new reporting requirement as an opportunity to steal personal information. Keep reading to learn more about how to avoid becoming a victim of fraudulent activity regarding the Corporate Transparency Act. Details from the Treasury Department For your convenience and protection, BGS is sharing this information directly from the FinCEN Website: “FinCEN has been notified of recent fraudulent attempts to solicit information from individuals and entities who may be subject to reporting requirements under the Corporate Transparency Act. The fraudulent correspondence may be titled “Important Compliance Notice” and asks the recipient to click on a URL or to scan a QR code. Those e-mails or letters are fraudulent. FinCEN does not send unsolicited requests. Please do not respond to these fraudulent messages or click on any links or scan any QR codes within them.” Contact Barna,…
Read More10 Things to Remember in the Zoom Court Era
November 1, 2023 | Jason C. Brown
The COVID-19 pandemic changed the way we live, shop, and work. It also changed the way we head to court. To its credit, the Minnesota Judicial Branch took just a month or so to adjust following the COVID-19 outbreak. While online communication appeared to be a Band-Aid® at the time, remote court hearings have since become the norm. With the exception of trials, almost all other family court hearings are now handled via Zoom. The fact that we have become amateur broadcasters requires attention to how you appear on camera. Here are 10 things to remember in the Zoom court era. Turn on your camera. Many litigants opt to keep their camera off during hearings. However, part of the judge’s job is to assess credibility, and they can hardly do so looking at a blank screen. Dress appropriately. Appearing in court from your living room does not grant the freedom to dress in your sweats. Business casual is fine. Master the mute button. Stay muted unless and until the judge asks you a question. When asked, remember that you are muted and unmute yourself. Even if you are muted, it’s good practice to assume the microphone is on to avoid saying something that would make a bad impression. Lock up the pets. If…
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