The Corporate Transparency Act requires certain newly formed and existing corporate entities to identify and disclose information on their “beneficial owners” to FinCEN. This information includes identifying the beneficial owners by full legal name, date of birth, current residential or business address, among other data. FinCEN is now seeking preliminary input on various topics that will be covered under the forthcoming CTA regulations, which will guide FinCEN in its implementation of all aspects of the new rules.
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Third-party vendors can range from custodial companies, to IT services, to professional service firms. Whatever their contracted function, they have access to your physical premises and/or your network data. So how can you make sure that when you’re signing a contract with an outside vendor, you’re not exposing yourself and your clients to excessive risk? There are four best practices you should follow before signing the dotted line.
The COVID-19 pandemic has led to an acceleration of adoption of cloud solutions and other remote access tools. However, hasty adoption of any new technology that is not combined with robust security frameworks, policies, and controls can leave businesses vulnerable. A formal vendor management process and having specific controls in place can mean the difference between a cloud solution being a huge advantage to agile solutions or leaving the business open to attacks and unauthorized access.
The Corporate Transparency Act (the CTA) is the first significant update to the U.S. anti-money laundering laws in 20 years and gives FinCEN significant authority to adopt necessary regulations to implement the provisions of the CTA. Under this new compliance environment, there will be new burdens—including the filing of “beneficial ownership” information—imposed on many entities operating in the U.S. and will likely to have major implications for foreign and domestic businesses.
From start-up founders, to self-employed individuals, making real financial progress towards your goal is a universal priority for business owners. Watch this educational webinar to receive tips, tricks, and on-trend advice to learn how to proactively navigate through different business cycles. Through the decoding process, you also learn what to consider when assessing your financial statements, top ratios, and a deep dive into banking products available to business owners.The 10 key moments from the webinar:
In this educational webinar for business owners, business banking and social media experts will take you through marketing and social media best practices to help you pivot your brand positioning and capture your audience during COVID-19. Plus, gain access to a creative marketing workbook, and listen in on the top questions during the extended questions and answers window.
There’s no doubt that leveraging new technologies and cloud-based solutions offers family offices opportunities to innovate, lower spending, and align their overall technology strategy to current and future-state needs. But the selection and implementation process can be a challenge. Having a structured approach around it will be critical in ensuring a successful outcome.
While no tax legislation has been drafted under the Biden administration, one thing we know for sure is that taxes will go up. Being aware of the proposals being discussed can help you prepare for what comes next, including what you should be considering for both income tax and estate tax planning this year.
Lawmakers have passed the Corporate Transparency Act (CTA) to help in the ongoing fight against fraud, corruption, terrorism financing, and money laundering. The CTA contains significant new federal reporting obligations, and it may have an especially onerous impact on estate planning for those who accomplish their planning goals through the use of one or more business entities.
Financial firms can have multiple holding and operating entities that can create complex inter-company workflows. This buyer’s checklist is provided to help you evaluate accounting software vendors, and it includes the must-have features of a modern accounting system formatted in a way that makes it easy for you to do a head-to-head comparison of multiple software vendors.