FinCEN's Nearly $7 Billion Tax On Small Businesses (Mostly)

Under the Corporate Transparency Act, reporting entities formed before January 1 of this year must file their beneficial ownership information reports with the Financial Crimes Enforcement Network (aka the FinCEN). As this deadline nears, I have...

Is The FinCEN Laying The Foundation For The G.O.A.T. Data Breach?

On May 29, 1453 the walls of Constantinople had stood unbreached for more than a thousand years.  Yet on that day, the army of Sultan Mehmed II was able to force entry into the city through the Gate of St. Romanus.  The Byzantine Emperor Constantine...

Using A Service To File A Beneficial Ownership Information Report? Be Sure To Read The Small Print

It cannot be gainsaid that the Corporate Transparency Act has been a major headache for millions of business entities.  The CTA is part of the William M. (Mac) Thornberry National Defense Authorization Act (NDAA) for Fiscal Year 2021, Pub. L. No....

California CPAs Report Few Restatements But Many Are Not Reportable 

California's Accountancy Act requires licensees to report to the California Board of Accountancy, among other things, "Any restatement of a financial statement and related disclosures by a client audited by the licensee". Cal. Bus. & Prof. Code §...

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