The Corporate Transparency Act (CTA) is a crucial regulation that directly impacts many businesses, including those in the deathcare profession. Designed to combat illegal activities like money laundering and tax evasion, the CTA requires businesses to disclose their “beneficial owners” to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). This transparency helps ensure that companies aren’t used as anonymous shell entities to hide illicit activities.

 

For deathcare professionals, it’s important to determine whether your business falls under the reporting requirements and to check if you’re exempt. Exemptions particularly relevant to our industry include the “large operating company” exemption and the “tax-exempt entity” exemption for 501(c) organizations.

 

Failure to comply with the CTA can lead to significant penalties. Be sure to stay ahead by understanding your obligations and meeting the deadlines. The initial reporting deadline for existing companies is January 1, 2025.

 

For more details, you can visit the FinCEN website for FAQs and a helpful “How To” video. Protect your business by staying compliant with this important regulation!