{"id":9933,"date":"2024-11-26T11:29:56","date_gmt":"2024-11-26T16:29:56","guid":{"rendered":"https:\/\/www.greaterlouisville.com\/?p=9933"},"modified":"2024-11-26T11:29:56","modified_gmt":"2024-11-26T16:29:56","slug":"u-s-chamber-releases-cta-toolkit-for-businesses","status":"publish","type":"post","link":"https:\/\/www.greaterlouisville.com\/advocacy-and-legislation\/u-s-chamber-releases-cta-toolkit-for-businesses\/","title":{"rendered":"U.S. Chamber Releases CTA Toolkit for Businesses"},"content":{"rendered":"<p><span data-contrast=\"auto\">The U.S. Chamber just released a new toolkit to help businesses align with the Corporate Transparency Act (CTA). The CTA implements sweeping new corporate ownership reporting requirements for companies that are based in or conduct business in the United States. The law was passed by Congress as part of the 2021 National Defense Authorization Bill as an anti-laundering effort and requires businesses to register and disclose expanded ownership information to the federal government.\u00a0\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">What the CTA does<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Creates a non-public database of business ownership information that will be maintained by the Financial Crimes Enforcement Network (FinCEN) department of the U.S. Treasury.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Broadens previous reporting requirements for U.S. companies and companies doing business in the country to now include \u201cbeneficial owners\u201d which could cover any individual who exercises substantial control over important company decisions, including senior officers and general counsels.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Beneficial owners must provide name, date of birth, home address, assigned identifying number and issuing jurisdiction.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">The new CTA requirements took effect January 1, 2024. Under the act, small businesses in the United States need to file beneficial ownership information reports (BOIR) with the Department of the Treasury by\u202f<\/span><b><span data-contrast=\"auto\">January 1, 2025<\/span><\/b><span data-contrast=\"auto\">. While the reported information will not be accessible to the public, other federal agencies can access it along with state and local law enforcement entities. The U.S. Chamber\u2019s toolkit for adhering to the CTA new law and its submittal requirements can be found <\/span><a href=\"https:\/\/www.uschamber.com\/assets\/documents\/Corporate-Transparency-Act-Guide-for-US-Chamber-members.pdf\" class=\"external\" target=\"_blank\"><span data-contrast=\"none\">here.<\/span><\/a><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Chamber just released a new toolkit to help businesses align with the Corporate Transparency Act (CTA). The CTA implements sweeping new corporate ownership reporting requirements for companies that are based in or conduct business in the United States. The law was passed by Congress as part of the&#8230;<\/p>\n","protected":false},"author":32,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[247],"tags":[],"class_list":["post-9933","post","type-post","status-publish","format-standard","hentry","category-advocacy-and-legislation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>U.S. Chamber Releases CTA Toolkit for Businesses &ndash; One Louisville<\/title>\n<meta name=\"description\" content=\"The U.S. Chamber just released a new toolkit to help businesses align with the Corporate Transparency Act (CTA). 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