The Corporate Transparency Act is shaking things up, and if you're a business owner, you need to know what's coming. In a nutshell, this law requires certain companies to report information about their "beneficial owners" (the real people who own or control the company) to the Financial Crimes Enforcement Network (FinCEN).

The 2024 vs. 2025 Deadline Confusion

Here's where it gets a bit tricky:

• If your company was formed or registered to do business in the US during 2024, you likely need to file a report by the end of this year (or within 90 days of receiving official notice of your formation/registration).

• If your company existed BEFORE 2024, you have a bit more breathing room. Your deadline is January 1, 2025... BUT ONLY IF you're not exempt from filing altogether.

Exempt? Maybe, Maybe Not...

Several types of companies are exempt, including:

• Large operating companies (over 20 employees, $5M+ revenue, etc.)

• Certain financial institutions (banks, insurance companies, etc.)

• Specific government entities and nonprofits

The complete list is on FinCEN's website, and it's essential to check it carefully. Misinterpreting the rules could lead to penalties!

EZQ Group Can Help You Navigate the Maze

Feeling overwhelmed? That's where we come in. At EZQ Group, we specialize in helping businesses like yours stay compliant and thrive. We offer:

• FinCEN Filing Assistance: We'll determine if you need to file, gather the necessary information, and submit your report accurately and on time.

• Bookkeeping & Taxes: Keeping your financial records in order is essential for any business. We'll handle your bookkeeping and tax preparation so you can focus on what you do best.

• Business Consulting: Do you need strategic advice or help with a specific challenge? Our experienced consultants are here to provide guidance and support.

Don't Wait Until It's Too Late

Whether you need help with FinCEN filings or other aspects of your business, EZQ Group is here to support you.Contact us today for a free consultation!