Raimundo Lopez-Lima Levi, CPA, CFF, CVA

Understanding Beneficial Ownership Under the Corporate Transparency Act Discover the essential details about the Corporate Transparency Act and who qualifies as a beneficial owner. We breakdown filing requirements and deadlines, ensuring you’re prepared before the December 31st, 2024 deadline. Your business compliance matters! #CorporateTransparencyAct #BeneficialOwnership #FinCEN #BusinessCompliance #TaxStrategy #CPA #FinancialCrimes #SmallBusiness #TaxReduction #BusinessAdvising

The Corporate Transparency Act (CTA) imposes significant new reporting requirements on many small businesses, as of January 1, 2024.  This quick reference guide provides information related to determining if a company is subject to CTA reporting, beneficial ownership information reports ("BOIR") deadlines, identifying beneficial owners, and incorporating compliance into overall operations.  https://buff.ly/3wYdENJ

PCAOB Forums for Auditors of Smaller Businesses and Broker-Dealers Reflect Renewed Focus on Outreach to Smaller Audit Firms https://buff.ly/3Z23iX9 #brokerdealers #audits #PCAOB #CPAs #auditing

PCAOB Forums for Auditors of Smaller Businesses and Broker-Dealers Reflect Renewed Focus on Outreach to Smaller Audit Firms https://buff.ly/3Z23iX9 #brokerdealers #audits #PCAOB #CPAs #auditing

🚨 CBDT Extends Deadline for Filing Audit Reports! 🚨 ⏳ New Deadline: November 10, 2024 ⏳ 📑 Attention Trusts, Institutions, and Funds: The Central Board of Direct Taxes (CBDT) has extended the deadline to file audit reports in Form No. 10B/10BB for the assessment year 2023-24. Key Points: Extended Deadline: You now have until November 10, 2024 to submit your audit reports. Fix Errors: If you submitted the wrong form earlier, you have extra time to correct it! Section 119 Relief: CBDT’s extension helps ease the burden on organizations facing compliance challenges. 📌 Don’t miss this chance to ensure your reports are filed correctly! #CBDTNotification #AuditReports #Form10B #Form10BB #TaxCompliance #IncomeTaxUpdate #TaxFiling #Section119 #TaxExtension

📢 Attention: Important Update on Bare Trusts and Joint Accounts! 📢 The CRA recently announced that bare trusts and joint accounts, like Joint With Right of Survivorship (JWROS) setups between parents and children, are exempt from new reporting requirements for 2024. 🙌 This means if you or a family member uses a bare trust or joint account arrangement for estate planning or caregiving purposes, there’s no need to file extra forms unless the CRA specifically requests it. This exemption helps keep financial planning simple and private while reducing unnecessary paperwork. 📄 ✨ Curious if this impacts your accounts? Or thinking of setting up a JWROS for added flexibility in managing family finances? Feel free to reach out—we’re here to help! #TWG #thewealthbuildinggroup #FinancialPlanning #TaxUpdates #EstatePlanning #WealthManagement https://lnkd.in/gbGeR_Z7

BOI Filing Requirements in the USA: Entities subject to the Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act (CTA) must file with FinCEN starting from January 1, 2024. EntityInfo: Legal Name. Principal Business Address. Jurisdiction of Formation. IRS Taxpayer Identification Number (TIN). #BeneficialOwners: Full Legal Name. Date of Birth. Residential Address. Unique ID (U.S. Passport, State-Issued Driver’s License, etc.). CompanyApplicant (if formed after Jan 1, 2024): Full Legal Name. Date of Birth. Address. ID Number and Image of ID. WhoMustFile: Most U.S. corporations, LLCs, and similar entities. ExemptEntities: Large operating companies (20+ employees, $5M+ revenue), regulated entities (banks, insurance companies), and inactive entities. Deadlines: Existing Entities (before Jan 1, 2024): File by January 1, 2025. New Entities (after Jan 1, 2024): File within 30 days of formation. PenaltiesForNonCompliance: CivilPenalties: Up to $500 per day for late filings. CriminalPenalties: Fines up to $10,000. Imprisonment up to 2 years for willful violations. It’s essential to comply with BOI filing requirements to avoid hefty fines and potential imprisonment.

Today the SEC announced an order against an audit firm and its owner for "deliberate and systemic failures to comply with [PCAOB] standards in its audits and reviews in more than 1,500 SEC filings from January 2021 through June 2023." According to SEC Enforcement Director Gurbir S. Grewal, the audit firm and its owner "were responsible for one of the largest wholesale failures by gatekeepers in our financial markets." The SEC's order denies the audit firm and its owner the privilege of appearing or practicing before the SEC as accountants, effective immediately. The announcement is accompanied by a statement of the SEC staff for issuer disclosure obligations in light of the order (see below). The statement provides "[w]e encourage all issuers that have previously engaged BF Borgers as their independent auditor to consider the findings and sanctions discussed in the Order, taking into account their disclosure obligations under the federal securities laws." The SEC staff statement includes guidance for affected registrants. Some excerpts: A Form 8-K under Item 4.01 will be required "when BF Borgers resigns or is dismissed." For 1934 Act reports: "[I]ssuers that have engaged BF Borgers to audit or review financial information to be included in any [1934 Act] filings to be made after the date of the Order will need to engage a new qualified, independent, PCAOB-registered public accountant" to conduct the audit or review. "[1934 Act] reports that were filed before the date of the Order do not necessarily need to be amended solely because of the . . . Order. However, issuers should consider whether their filings may need to be amended to address any reporting deficiencies arising from the BF Borgers engagement." For 1933 Act registration statements: "[A]ny issuer with a pending registration statement that contains or incorporates by reference financial information audited or reviewed by BF Borgers would need to file a pre-effective amendment to include financial information audited or reviewed, as applicable, by a qualified, independent accountant that is permitted to appear or practice before the [SEC]." "[Any issuer that has submitted a draft registration statement for nonpublic review that includes an audit opinion or consent from BF Borgers must retain a qualified, independent accountant that is permitted to appear or practice before the [SEC] to perform the required audit of financial information before publicly filing the registration statement." "[I]ssuers with effective [1933 Act] registration statements are reminded that any sales must be preceded or accompanied by a [1933 Act] Section 10(a)-compliant prospectus, which must not include an untrue statement of material fact or omit to state a material fact necessary in order to make the statements, in the light of the circumstances in which they were made, not misleading." Similar guidance was provided for Reg A Offering Statements. #securitieslaw #securitiesregulation

#cpa #trustaccounting There are many technicalities to preparing a trust accounting properly. For accurate trust accounting that not only meets the requirements of the probate code, but is also likely to obtain court approval, enlist the assistance of a professional.... http://www.pace.cpa

#cpa #trustaccounting There are many technicalities to preparing a trust accounting properly. For accurate trust accounting that not only meets the requirements of the probate code, but is also likely to obtain court approval, enlist the assistance of a professional.... http://www.pace.cpa