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PENALTIES, FINES, AND LEGAL RISKS Why the Corporate Transparency Act Matters for Every Entrepreneur Many Americans dream of one day opening their own business. This can come with many challenges, from hiring and training a team to creating a budget and managing payroll. It can be overwhelming, but there are other critical reporting responsibilities every business owner needs to know about. A few years back, Congress passed the Corporate Transparency Act in an effort to combat money laundering, terrorism financing, and other illicit activities. The Corporate Transparency Act’s main goal is to enhance corporate ownership transparency by requiring businesses to report information about anyone who owns or controls the company. All corporations, limited liability companies (LLCs), and similar entities must report beneficial ownership information to the Financial Crimes Enforcement Network. That information includes names, addresses, dates of birth, and more. Businesses subject to the Corporate Transparency Act established before Jan. 1, 2024, should have already reported this information by the beginning of 2025. However, a federal district court in Texas paused the need for reporting at the end of 2024. Although reporting requirements are currently on hold, new companies created in 2025 should still consider reporting their
Tips to Level Up Your Home Cooking! Do you regularly make meals for yourself or your family? Have you ever struggled to decide what to make? Are you tired of your regular menu of recipes and dishes? If you answered yes to these questions, know that you’re not alone. Many individuals grow tired of cooking the same dishes, especially if they get on a routine of making the same five dinners every week. However, you don’t need to feel this way. Trying something new in the kitchen is easier than ever! Here are two ways to revitalize your passion for cooking while discovering new recipes. Get out of your comfort zone. How many different cultures do you know recipes from? You are probably familiar with Italian, Mexican, and even some Chinese dishes, but how often do you explore dishes from cultures you know little about? Trying out recipes from new cultures can be incredibly fun. However, it can be challenging to know where to start. Simply pick a country with a cuisine that interests you and Google what they eat for breakfast, lunch, or dinner. You’ll receive a few different options to choose from. Want to get even more adventurous? Consider combining ideas from multiple cuisines to create a unique fusion dish! Deviate from the recipe. Many amateur cooks follow each recipe without missing a step. However, if you’re making the same things every week, these recipes can grow stale quickly. Instead of trying to find something brand-new to make, consider swapping out ingredients. Change out the spices, sides, or even the proteins to create something entirely new and delicious. BREAK FREE FROM BORING
beneficial ownership information in case the pause ends suddenly. Failing to register your business
and accurately report can expose you to hefty fines and penalties. You could receive a $500 daily fine up to $10,000. Those fines will repeat until you comply.
If you’re already the business owner of an
established entity, you may think that your accountant
will be able to take care of this for you. However, many accountants have shown restraint regarding beneficial ownership information reporting. Many moving parts need to be updated
regularly, and they don’t want to put themselves at risk if something falls through the cracks. Thankfully, Littlejohn Law is here to help. Give us a call if you have any questions or need assistance reporting your beneficial ownership information!
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