Be Informed: CTA Deadlines Are Fast Approaching

September 25, 2024 | News

As featured in DesertLeaf, Vol. 37, No. 9, October 2024

In “Brief Encounters” in the October 2022 issue of DesertLeaf, Senior Partner Gary Fletcher introduced the Corporate Transparency Act (CTA), its broad-reaching reporting requirements, and penalties for failing to report. At that time there were only proposed rules from the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). Shortly after that issue went to print, FinCEN issued its final rule, confirming the effective date for reporting requirements and filing deadlines. Those deadlines have been modified a couple of times since then and have been clarified, to some degree, by the frequently asked questions that are periodically updated on the FinCEN website (fincen.gov). The website pro vides additional resources, including a CTA compliance guide for small entities. Although some deadlines have already passed, there are only approximately three months until the largest-volume filing deadline—December 31, 2024.

Read the full article in the DesertLeaf on page #10 and #58 here.

Gary Fletcher is an attorney/CPA, a Fellow of the American College of Trust and Estate Counsel (ACTEC), and a senior partner in the law firm of Frazer Ryan Goldberg and Arnold, LLP, a firm with a 35-year history in its principal office in Phoenix, and having opened its Tucson office on September 1, 2024, by absorbing the Tucson law firm of Nystedt & Fletcher PLLC.