We want to let you know there's a new law called the Corporate Transparency Act (CTA) that started on January 1, 2024. It's important for businesses, and we want to make sure you understand it. Our law firm, which specializes in estate planning and elder law in Texas, is here to help explain this law and its effects, especially if you own a business or are planning for your future.
The Corporate Transparency Act makes businesses in the U.S. tell more about who owns them. This helps fight against illegal activities like money laundering and tax evasion. Businesses have to report ownership details to the Financial Crimes Enforcement Network (FinCEN). Here's what you need to know about when to report:
Existing Businesses. If your business was around before January 1, 2024, you need to report by the end of the year.
New Businesses. If you start a business after January 1, 2024, you have 90 days to report.
Future Businesses. If you start a business after January 1, 2025, you will have 30 days to report.
Wondering what you need to report? You'll need to give:
Full name, date of birth, and home address of the owners
A government-issued ID number (like a driver’s license or passport number)
A picture of that ID
Remember, you need to keep reporting changes within 30 days. This includes things like ownership changes, an owner's death, or any mistakes in past reports.
As estate planning lawyers in Texas, we see how the Corporate Transparency Act is important for your business and estate plans. It's not just about protecting your family; it's also about keeping your business healthy and following the new law. We're here to answer your questions and help you prepare for these changes, making sure everything you've worked for is safe and legal.
Our firm helps people who are taking care of both kids and older parents, known as the "Sandwich Generation." We know you might worry about what will happen to them and how to pay for care. We offer plans that protect your finances and give you peace of mind. Contact us to learn more and get your plans in order!
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