Protect Yourself From Jail Time and Fines!
Monarch butterflies might be the souls of the dead! Every year in early November, thousands of monarch butterflies flutter into Mexico. They settle on trees and bushes, turning green leaves black and orange with their colorful wings. These butterflies migrate 3,000 miles south to escape the winter chill, but their arrival has another meaning for Mexican families who celebrate Dia de los Muertos (the Day of the Dead). For hundreds of years, these families have Did You Know?
Learn to Decode the Corporate Transparency Act
After years of handling by Congress, new reporting requirements under the Corporate Transparency Act (CTA) take
effect on Jan. 1, 2024. Government officials and supporters of the bill claim it will help eradicate money laundering by nefarious businesses. For businesses that conduct themselves morally, however, the law creates unnecessary extra work. The CTA will establish a national registry of business owners that fall into the “Reporting Company” category. A failure to report will result in steep penalties for businesses that are not granted an exception. This registry is to be maintained by the Financial Crimes Enforcement Network (FinCEN). California businesses of all sizes need to understand and be prepared for new reporting requirements under the CTA before the beginning of the year. We explored the bill and found several key points you need to understand. WHAT QUALIFIES AS A ‘REPORTING COMPANY’? Reporting companies are defined as any corporation, LLC, or other entity created by filing a document with the secretary of state or “similar office” in any state or territory, or with a federally recognized Native American tribe, or foreign entity registered to do business in the U.S. There are some exceptions, like publicly traded companies and nonprofits. You can contact our firm for a full list. WHAT ARE THE REPORTING REQUIREMENTS? If your company does not fall under an exception, you will be required to file beneficial ownership information (name, address, etc.) with FinCEN. Beneficial owners include anyone who has any legal agreement or contract to exercise control over the entity and/or owns or controls at least 25% equity in the entity. The company itself must submit the legal name of the company, its principal address, state of formation, and IRS taxpayer identification number. All of this information must be disclosed by Jan. 1, 2025 — one year from the effective date of the CTA reporting guidelines. If you fail to follow the requirements, you could be subject to hefty fines or even prison time. The nuances of this law put you at risk of losing not just money but your freedom. Fortunately, we can help you fulfill the reporting requirements. If you have questions about the CTA, contact our office at 916-545-2790 and tell your fellow business owners to do the same!
seen monarchs as the souls of their
loved ones returning for the celebration — or as messengers sent on their behalf.
“All of Mexico’s Indigenous people thought of the monarchs as sacred in some way,” artist and educator Noemi
Hernandez-Balcazar told the Smithsonian Center for Folklife & Cultural Heritage. “You can see them in Aztec paintings and stone carvings, represented in the way Egyptians would depict cats.” It’s a beautiful idea. If a monarch lands on a late relative’s ofrenda (altar), it could indicate that that ancestor has found their way back through the veil. In Aztec culture, hummingbirds also hold this honor! Hopefully thinking about this tradition makes you smile next time you see a monarch butterfly. Tyler, Elliott, and Danielle were named three of Sacramento’s Top Lawyers! We’re so proud all of the attorneys on our team received this honor from Sacramento Magazine. Tyler won in the Estate Planning & Probate and Business/Corporate categories, Elliott secured his nod in the Estate Planning & Probate category, and Danielle received accolades in Business/Corporate and Nonprofit Organizations. Scan our QR code to learn more!
2 tqdlaw.com | 916-545-2790
Made with FlippingBook Ebook Creator