A note from AmericanHort Lighthouse Program
As an AmericanHort Lighthouse Program partner, we want to make sure you are aware of new legislation that may impact some of your members' businesses. As you may or may not know, on Jan. 1, 2024, the Corporate Transparency Act became effective. This legislation requires corporations, LLCs, limited partnerships, and entities created by a filing with a Secretary of State in any state to file with the Financial Crimes Enforcement Network (FinCEN).
The CTA is a measure to prevent tax fraud, money laundering, and financial terrorism. Compliance is not optional. Penalties for non-compliance can include civil penalties of up to $500 per day of violation and criminal penalties of up to $10,000 in fines and/or imprisonment for up to two years.
We encourage you to share this CTA background document with your member businesses and advise them to contact their financial or legal counsel for guidance.
The information provided by AmericanHort is for general understanding and does not, and is not intended to, constitute legal or accounting advice.
Congress is proposing legislation to extend the deadline for companies to report ownership information to FinCEN. If you would like to ask your Senator to support this bill, you can complete this form provided by AmericanHort Affinity Partner, Pinion.
Please reach out to Matt Mika, Vice President, Advocacy & Government Affairs, at MattM@AmericanHort.org or 202-789-2900 with questions.
