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BEGIN:VEVENT
DTSTART:20240117T190000Z
DTEND:20240117T200000Z
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SUMMARY:Beneficial Ownership Reporting Requirements
DESCRIPTION:New Rule Requires Small Businesses and LLCs to Report Ownership Information\n \n\nAs of Jan. 1\, 2024\, many businesses will be required to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) to identify those who directly or indirectly own or control the company. This requirement stems from the enactment of the Corporate Transparency Act (CTA) passed with the National Defense Authorization Act for Fiscal Year 2021.\n\nThe reporting requirements generally are applicable to small corporations\, limited liability companies (LLCs) and other similar entities that:\n\n\n have 20 or fewer full-time employees\; and\n filed federal income taxes in the previous year demonstrating $5 million or less in gross receipts or sales.\n\n\nThere are 23 types of entities that are exempt from reporting beneficial ownership. Those entities include:\n\n\n publicly traded companies meeting specified requirements\n many nonprofits\n certain large operating companies\n\n\nReporting companies that were created before Jan. 1\, 2024 have until Jan. 1\, 2025 to file their initial report with FinCEN. Those created in 2024 will have 90 days after receiving notice of their creation or registration to file their initial report. Those created in 2025 will have 30 days to file their report.\n\nThe CTA helps the U.S. government identify money laundering\, corruption\, tax evasion\, drug trafficking\, fraud and other crimes. Congress passed the CTA to make it harder for these illegal activities and their perpetrators to hide from law enforcement officials.\n\nNAHB Resources and Free Webinar\n\nNAHB has provided answers to frequently asked questions and links to key resources here.\n\nNAHB will also host a free webinar about these new requirements on Wednesday\, Jan. 17\, at 2 p.m. ET. The webinar will feature David King\, a senior regulations advisor at FinCEN\, who will provide further details on what business owners need to do to comply.\n\nRegister here for the free webinar.
X-ALT-DESC;FMTTYPE=text/html:New Rule Requires Small Businesses and LLCs to Report Ownership Information
\n \;\n\nAs of Jan. 1\, 2024\, many businesses will be required to report \;beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) \;to identify those who directly or indirectly own or control the company. This requirement stems from the enactment of the Corporate Transparency Act (CTA) passed with the National Defense Authorization Act for Fiscal Year 2021.
\n\nThe reporting requirements generally are applicable to small corporations\, limited liability companies (LLCs) and other similar entities that:
\n\n\n - have 20 or fewer full-time employees\; and
\n - filed federal income taxes in the previous year demonstrating $5 million or less in gross receipts or sales.
\n
\n\nThere are \;23 types of entities that are exempt \;from reporting beneficial ownership. Those entities include:
\n\n\n - publicly traded companies meeting specified requirements
\n - many nonprofits
\n - certain large operating companies
\n
\n\nReporting companies that were created before Jan. 1\, 2024 have until Jan. 1\, 2025 to file their initial report with FinCEN. Those created in 2024 will have 90 days after receiving notice of their creation or registration to file their initial report. Those created in 2025 will have 30 days to file their report.
\n\nThe CTA helps the U.S. government identify money laundering\, corruption\, tax evasion\, drug trafficking\, fraud and other crimes. Congress passed the CTA to make it harder for these illegal activities and their perpetrators to hide from law enforcement officials.
\n\nNAHB Resources and Free Webinar
\n\nNAHB has provided answers to frequently asked questions and links to \;key resources here.
\n\nNAHB will also host a free webinar about these new requirements on Wednesday\, Jan. 17\, at 2 p.m. ET. The webinar will feature David King\, a senior regulations advisor at FinCEN\, who will provide further details on what business owners need to do to comply.
\n\nRegister here for the free webinar.
\n
LOCATION:
UID:e.9402.2071
SEQUENCE:3
DTSTAMP:20260406T071607Z
URL:http://hbaknoxvilletn.memberzone.com/events/details/beneficial-ownership-reporting-requirements-2071
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