PSP Law

01/18/2024

CTA FinCEN Filing Requirements

What would you do if you were fined $10,000 just for failing to file a report regarding your business? That is exactly what can happen if you do not comply with the Corporate Transparency Act. What Are the Potential Penalties for Noncompliance with the Corporate Transparency Act? The potential penal...

01/16/2024

The Corporate Transparency Act requires every business to file a disclosure report to the Financial Crimes Enforcement Network.

The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of Treasury will be overseeing the corporate reporting disclosure filings. This is the same agency that oversees the disclosures of U.S. residents with foreign bank accounts. FinCEN’s main mission is “to safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities.” According to FinCen’s FAQ, the main objection under CTA, is to “make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.”

Contact PSP Law for more information. [email protected]

01/01/2024

Do you own a business that is registered with the state of Tennessee?
If you do, are you aware of the Corporate Transparency Act that was enacted in 2021? ALL businesses registered with the Secretary of State must register with FinCEN. The CTA goes into effect today.
Let PSP Law determine if you are required to register or if your company is exempt.
The penalty for not filing is punishable by civil penalties of $500 for each day the violation continues and criminal penalties of imprisonment of up to 10 years and fines of up to $500,000.
Private message to set up your appointment.