Webinar Recap: Understanding the Corporate Transparency Act (CTA) with Occams Advisory
November 11, 2024
Recently, we hosted a webinar on the Corporate Transparency Act (CTA) in collaboration with our partners at Occams Advisory.
Meet the Experts
Occams Advisory, our trusted partner, offers a wide range of services including compliance, tax advisory, and business strategy. Their expertise ensures that our members receive top-notch support in navigating complex regulatory landscapes.
What is the Corporate Transparency Act?
The CTA mandates that certain entities report their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). Non-compliance can result in severe penalties, making it essential for businesses to understand their obligations.
Key Takeaways
This webinar covers who needs to comply with the CTA, the reporting timelines, and the penalties for non-compliance. We also covered the types of entities that are exempt from these requirements, such as publicly traded companies and large operating companies with over 20 full-time employees and $5 million in revenue.
It is important to understand who qualifies as a beneficial owner. This includes individuals who directly or indirectly control or own at least 25% of the company or who exercise significant control over the business.
If you were not able to attend this webinar or would like to revisit the content for further review, please watch the recording below!