The Corporate Transparency Act
Expanded anti-money laundering laws created new reporting requirements for small business in the US (beginning in 2024). The rules and exemptions might apply depending on your business structure and operations. Own 25% or more of the company = beneficial ownership information (BOI) Exercise substantial control of the company a top executive or director
You may need to report under the CTA or face 500$ in fines per day.
Types of Businesses Affected
Corporations, LLC’s, New Businesses Some Non-Profits
Consequences of Non-Compliance
Failure to report accurate BOI can lead to civil penalties and even criminal charges, so it’s important to understand whether your business falls under the CTA.
If you provide specific details about your business, MatchBooks can help you determine whether the CTA applies and what steps you might need to take.
If a business fails to file Beneficial Ownership Information (BOI) as required by the Corporate Transparency Act (CTA), it can face significant penalties. These penalties include both civil and criminal consequences:
Civil Penalties
Up to $500 per day
Criminal Penalties
Violations can result in criminal fines up to $10,000.
Your business needs to stay compliant with the CTA and BOI reporting requirements. Would you like assistance with complying or if your business qualifies for exemptions?
MatchBooks offers filing services and has partnered with a legal review and filing service. If you have any further questions, please feel free to contact us at info@matchbooksusa.com.
We’re here to help with bookkeeping and financial services.
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Referrals please email Consulting@MatchbooksUSA.com
Joel Nimar Senior Consultant Matchbooks Consulting@MatchbooksUSA.com 508-534-8410
