08/13/2024
Starting January 1, 2024, if you set up a company in the U.S. (whether now or in the past), you have to report some new information. This rule applies to all companies, whether they're from the U.S. or another country.
In Arizona, if you've registered your company with the Arizona Corporation Commission or the Secretary of State, you're included, as your company is a legal entity.
The Corporate Transparency Act (CTA) was signed into law on January 1, 2021. It's meant to help stop money laundering and other illegal activities. The Financial Crimes Enforcement Network (FinCEN), part of the Treasury Department, will make sure this law is followed.
From January 1, 2024, it is mandatory to report details concerning certain beneficial ownership information on an individual who directly or indirectly exercises substantial control over the reporting company OR an individual who owns or controls 25% or more of the reporting company’s ownership interest. There are 23 exemptions to this rule, but most small corporations and LLCs are not exempt.
Here's the timeline:
• If your company was set up before January 1, 2024, you need to report to FinCEN within a year of that date.
• If your company was set up after January 1, 2024, you must report to FinCEN within 90 days after you start. Then, after January 1, 2025, you have 30 days to report after starting your business.
If you need help with filing your beneficial ownership information for your Arizona company, please feel free to reach out to me.
