- City area: Toronto
The Corporate Transparency Act (CTA) is a crucial U.S. legislation targeting anonymous shell companies to combat illicit activities. Effective January 1, 2024, specific U.S. and foreign entities must report Business Ownership Information (BOI) to FinCEN. Covered entities include corporations, LLCs, and similar entities created by filing documents with state or tribal jurisdictions. Exemptions include publicly traded companies, certain regulated entities, and larger operational companies. Foreign entities engaged in U.S. business activities are also subject to reporting. Canadian entities, like tech startups and retail chains, expanding into the U.S., must comply. The reporting requirement is not triggered solely by having an EIN. The information reported includes details of beneficial ownership and reporting company information. Applicants for entities created after Jan 01, 2024, must be reported. FinCEN uses the collected information to enhance transparency and combat illegal activities, with penalties for noncompliance.
for more information please visit -
https://www.maroofhs.com/post/corporate-transparency-act-cta-canadian-businesses/
Address
Maroof HS CPA Professional Corporation
https://www.maroofhs.com/
4102-85 Queens Wharf Rd, Toronto, ON M5V 0J9 Canada
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