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NEWS REEL Central Minn. Big Brothers Big Sisters receives two awards Central Minnesota Big Brothers Big Sisters (BBBS)
YOUR VOICE IN GOVERNMENT
Name That Owner! The Corporate Transparency Act is now in effect. Does your organization need to report? By Jeffrey P. Clancy
received the Growth Award for program excellence, and a Bronze Biggie award for its 2023 annual report at the BBBS of America National Conference. The Growth Award recognizes the branches that have demonstrated a rise in the number of mentors, mentees, Bigs and Littles who are matched year over year. The Biggie Award is given annually to the top three marketing pieces across the country.
Bergerson joins Granite Electronics Sandy Bergerson joined DSC Communications and Granite Electronics as chief financial officer. Bergerson’s experience in leading multi-location staff, financial process improvements, budget and forecasting, and financial statement preparation brings added value and allows for continued growth for DSC.
St. Cloud Subaru donates over $100,000 St. Cloud Subaru donated over $100,000 to the Greater St. Cloud Public Safety Foundation as part of Subaru’s annual Share the Love Campaign. Part of these funds will benefit the St. Cloud Community Outpost (COP House). St. Cloud Subaru donated $400 for every vehicle sold between November 20, 2023 and January 4, 2024. ––––––––
Got News? Send news releases, announcements, or anything you think is newsworthy to Emily, ebertram@ stcloudareachamber.com, and we will try to include it.
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BusinessCentral Magazine.com // S E P T E M B E R / O C T O B E R 2 0 2 4
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n the wake of September 11, 2001, the federal government made the reporting of company ownership a focus in an effort to combat the funding of terrorist organizations and money laundering. In 2021, Congress passed the Corporate Transparency Act (CTA), and it became effective on January 1, 2024. Here’s what that means for your business. The CTA is a federal law that requires owners and companies to report information to the Financial Crimes Enforcement Network of the Department of the Treasury (FinCEN), the agency responsible for adapting regulations and implementing the CTA. Entities that meet the reporting requirements include:
1. A corporation, a limited
liability company (LLC), or was otherwise created in the United States by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe; or 2. A foreign company that is registered to do business in any U.S. state or Indian tribe by such a filing. The natural question for entities that believe they meet the reporting requirements is when and what information must be reported to FinCEN. The first question to ask is: When was the company formed? Companies that existed prior to January 1, 2024 must report their beneficial ownership information no later than January 1, 2025. An entity in existence prior to
January 1, 2024 is not required to disclose the company applicant. Entities formed on or after January 1, 2024 must report both the beneficial owner and company applicant no later than 90 calendar days after formation and 30 days after a change of beneficial owner. In 2025, newly formed nonexempt entities will have 30 days to comply with the filing requirement. The reporting requirement captures information about the company, each beneficial owner, and the company applicant. For companies, the CTA requires disclosure of: The full legal name and any assumed or trade names Complete address The jurisdiction of formation Taxpayer identification number (EIN) The definition of beneficial owner is broad and can capture officers, anyone who has “substantial control” over the entity, or anyone who owns or controls not less than 25 percent of the ownership interest of the entity. Each beneficial owner must report: Their full legal name Date of birth Complete current address (residential, or for company applicants, business address) A unique identifying