Corporate Transparency Act - Are you Ready?

Dear fellow PCBA Members...  You likely received notice as shown below from Georgia's Secretary of State within the last couple of months.  Managing Your Numbers is standing by to help Georgia small entities comply with this new anti-money laundering regulations for a reduced flat fee amount of $250 for most company structures.  Please reach out to me directly at suzannejoyceberger@managingyournumbers.com to take advantage of this exclusive offer for PCBA members. 

The Corporate Transparency Act (CTA) was passed by the United States Congress to combat money laundering and terrorist financing. The CTA establishes a beneficial ownership information reporting requirement for corporations, limited liability companies, and other similar entities created or registered to do business in the United States. The beneficial ownership information reports must be filed with the Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Department of Treasury. Reporting companies that were formed or registered prior to January 1, 2024, must file an initial beneficial ownership information report by January 1, 2025. Reporting companies that were formed on or after January 1, 2024, must file a beneficial ownership information report within 90 calendar days of notice of formation. Reporting companies that were formed on or after January 1, 2025, must file a beneficial ownership information report within 30 calendar days of notice of formation. 

The requirement to report beneficial ownership and other information about the business directly to FinCEN applies to most businesses registered with our office. As it is important for our office to assist businesses in our state, we want to inform you of this new reporting requirement as failure to comply may result in significant civil and criminal penalties. We encourage you to review the information found here: https://www.fincen.gov/boi.

Our office is not collecting this information, nor do we have access to the information reported to FinCEN. 

Sincerely,

Georgia Secretary of State’s Office