Corporate Transparency Act
Mark Sullivan Consulting offers expert consulting services for clients subject to the Corporate Transparency Act, ensuring compliance with its stringent reporting requirements. The firm provides comprehensive guidance on accurately disclosing beneficial ownership information and assists in preparing and submitting necessary reports to the Financial Crimes Enforcement Network (FinCEN). Their services include thorough analysis, strategic advice, and ongoing support to help clients navigate the complexities of the Act, minimizing risks and ensuring adherence to federal regulations.
On September 22, 2022 the US Treasury's Financial Crimes Enforcement Network (FinCEN) issued final rules requiring beneficial ownership reporting for small businesses, i.e. single truck owner operators. The rule requires businesses to file reports with FinCEN that identify two categories of individuals:
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the beneficial owners of the entity, and
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the company applicants of the entity
This rule requires most corporations, LLC's and similar businesses created in or registerd to do business in the United States to report (disclose) information about their beneficial owners to FinCEN. The rules came out of Corporate Transparency Act passed by the Biden administration in January 2021.
The purpose of the new reporting rule is to allow the Federal government to create a national database of information concerning the individuals who, directly or indirectly, own a substantial interest in, or substantial control over (beneficial owners) certain types of domestic and foreign entities.
With penalties for failure to file reports of $500 per day prudence business owners can rely our years of experience in dealing with civil and criminal tax controversy issues to ensure that your businesses FinCen tax compliance.
Entities required to file:
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C Corporations
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S Corporations
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Limited Liability Companies (LLC)
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Multi Member Limited Liability Companies (MMLLC)
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Single Member Limited Liability Companies (SMLLC)
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Limited Liability Partnership (LLP)
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Limited Liability Limited Partnerships (LLLP)
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Domestic reporting company – any entity that is a corporation, a limited liability company, or otherwise created by the filing of a document with a secretary of state or similar office.
Foreign reporting company – any entity formed under the law of a foreign country and registered to do business in any U.S. state by the filing of a document with a secretary of state or similar office.