Understanding the Corporate Transparency Act - What Businesses Need to Know

Corporate Transparency Act: Compliance and FinCEN Reporting - A guide for small business. Join the chamber, Downtown Painesville Organization, and speaker Joshua Strickland, partner, Dworken & Bernstein, to learn more about the Act and how it affects your business.

In 2021, Congress passed the Corporate Transparency Act requiring most small businesses to report to the U.S. Dept. of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) who owns or controls their business.
This law is part of the U.S. government’s efforts to make it harder for terrorists, criminals, and other “bad actors” to hide behind anonymous companies. 

The registration deadline for most companies is December 31, 2024.  Failure to register can have criminal and civil penalties. 

There are some exemptions to reporting for “dead” entities, non-profits, and larger businesses. 

At the presentation you will learn about who must report, who is exempt, how “beneficial ownership” is determined for reporting requirements, how reporting is done, and more on the Act and why the information is being gathered.