Member Benefits Spotlight: Important Federal Filing Alert!

Oct 24, 2024
Corporate Transparency Act -- Establishing Beneficial Ownership

We want to alert members that the deadline to comply with the federal requirement for small business owners (including dental practices that meet basic requirements) to report information to the U.S. Department of the Treasury’s Financial Crimes Enforcement Unit (FinCen) is fast approaching. The Corporate Transparency Act was enacted by Congress to combat the use of businesses as money-laundering operations.

  • Existing dental practices (created before January 1, 2024) have until December 31, 2024, to file with the Financial Crimes Unit before facing penalties.
  • New dental practices (created after December 31, 2023) have 90 days from the day of creation to file before facing penalties.

Failing to file a report, knowingly providing false information or refusing to provide information if you are a beneficial owner can all carry both civil and criminal penalties. Civil penalties include fines of up to $500 per day until the violation is fixed. Criminal penalties include fines of up to $10,000 and/or imprisonment for up to two years.

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You can learn more and file a report here: Beneficial Ownership Information Reporting | FinCEN.gov

For ADA Resources, click here: WhatistheCorporateTransparencyAct

To stay up to date with relevant information, consider becoming an NYCDS member! Learn about all of the member benefits here!