To our wonderful clients:
You should have received an e-mail in September from us introducing the Corporate Transparency Act, or CTA. This act was put in place as a reporting requirement to stop money laundering, illicit activities and tax evasion. As such, very strict penalties are assessed for non-compliance (500$ a day up to $10,000 and up to 2 years in prison).
This is mandatory and we are taking this very seriously.
In the above-mentioned e-mail we promised more information and actionable items. The first actionable item will be to fill out the engagement letter that will be sent through your K&R Canopy Profile promptly.
The first CTA services engagement is for obtaining what is called a FinCEN Identifier. This is a unique number that the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) assigns to an individual or a reporting company. The FinCEN number is a prerequisite and a mandatory first step to K&R assisting you with this process.
Our goal is to ensure that you, your companies, and the beneficial members of your companies are compliant with this new requirement.
We are educated on the details of this act and are confident that we can assist you and your entities through this process.
Thank you for trusting us with your business tax and accounting needs.
We look forward to assisting you even further as your mentor through the CTA process.
To see a PDF version of this blog post, follow the link below:
