A Business Attorney Can Be an Invaluable Resource for A Small Business Navigating The Complexities Of The New Regulations Associated With The Corporate Transparency Act.
As reported last month, The Corporate Transparency Act, incorporated within the National Defense Authorization Act (NDAA) for Fiscal Year 2021, has laid down new reporting requirements for small businesses. Small businesses are expected to start submitting their reports to the Financial Crimes Enforcement Network (FinCEN) by the end of 2024, at the latest. Some small businesses may be required to submit their reports sooner.
It’s beneficial for businesses to engage a legal or financial professional who can provide advice tailored to their unique situation. It’s also crucial to stay updated with the U.S. Treasury Department’s announcements regarding specific reporting dates and other details.
A business attorney can be particularly advantageous in navigating this complex regulation:
- Interpreting the Law: Attorneys can decode the language of complex laws and explain what these mean for your business.
- Guiding Compliance: They can help you comply with the law by guiding you through the necessary steps and helping establish processes for reporting and record-keeping.
- Risk Management: Attorneys can identify potential legal pitfalls and advise on strategies to mitigate risks and avoid costly mistakes.
- Legal Representation: If your business faces legal action due to non-compliance, an attorney can represent you and protect your business’s interests.
- Future Planning: Attorneys can help plan for future regulatory changes, ensuring your business is well-prepared and can adjust smoothly to new requirements.
Overall, engaging a business attorney can be a worthwhile investment for businesses dealing with complicated legislation like the Corporate Transparency Act, potentially saving time, reducing stress, and avoiding financial penalties.
Stephen Lindsley is a business attorney who has represented small businesses in the Temecula Valley for over 30 years. He can be reached at 951-296-1698, or by email at: salindsley@lindsleylegal.com. Or visit his website at www.lindsleylegal.com