Upcoming Webinar: Small Businesses and the Corporate Transparency Act
Join our friends from Barnes & Thornburg on October 10th at 2:30pm Eastern for their upcoming webinar, "Small Businesses and the Corporate Transparency Act." This webinar is offered by the Small Business Legislative Council (“SBLC”) to the members of its participating associations and industry groups. If you are a member of an association or industry group that is part of the SBLC coalition, then you may register for this webinar for free.
Attorneys from Barnes & Thornburg will generally discuss the basics of the reporting requirements under the Corporate Transparency Act and, importantly for small businesses, will thoroughly explain the three primary exceptions to the statute used by small businesses to exempt themselves from this burdensome reporting.
As background, on January 1, 2024, the Corporate Transparency Act (“CTA”) fully came into effect and imposes reporting obligations on all business entities that are within the scope of the definition of “reporting company” under the statute. Entities that do not fall within one of the CTA’s categories of exemptions will be required to file a beneficial ownership information report (“BOI report”) with the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”). Most companies in the United States will be required to file an initial BOI Report by December 31, 2024.
For more background, Barnes & Thornburg attorneys previously published an alert on the CTA reporting requirements that can be found here: New Corporate Transparency Act Disclosure Requirements Set for 2024 | Barnes & Thornburg (btlaw.com).
The Small Business Legislative Council has been actively tracking the implementation of the CTA and advocating for amendments to its requirements. But, for now, all small businesses should be prepared to file BOI reports by the end of this year. For more information on the SBLC, please visit its website at: https://sblc.org/