The Corporate Transparency Act (CTA), a newly enacted law as of 2024, imposes additional reporting requirements on most small businesses. Failure to comply with these requirements can result in both monetary penalties and criminal consequences.
Enacted in 2021 with bipartisan support, the CTA aims to prevent and track financial crimes. Effective January 1, 2024, numerous small businesses in the United States are obligated to disclose their beneficial ownership information by submitting a Beneficial Ownership Information (BOI) report to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN). Companies established before January 1, 2024, have until January 1, 2025 to comply with the reporting requirements.
Excerpt from Lawyers for Civil Rights (Boston): Navigating the Corporate Transparency Act (CTA)
Below is a list of resources to help you learn more about the Corporate Transparency Act (CTA.) Disclaimer: The resources provided should not be seen as endorsements or legal advice. Business owners are encouraged to seek guidance from their legal and financial advisors for tailored assistance.
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Great news for Massachusetts homeowners: the Massachusetts Community Climate Bank at MassHousing announced it has surpassed $5 million in Energy Saver Home Loan financing, helping residents cut energy use and boost the value of their homes. Nectar is a proud participating lender — and our Residential Services Director Lissette Paukert is quoted on the program’s impact. Read the press release
Nectar Community Investments has welcomed Boston Ujima Project Executive Director Nia K. Evans as a new board member to be part of their organization. Evans’ role at the Boston Ujima Project focuses on bringing together neighbors, workers, business owners and investors in Greater Boston to build a community-controlled economy. According to Evans, the Boston Ujima Project has “made history as the nation’s first democratically governed investment fund.” Read the article
Our Executive Director Glynn Lloyd joined more than 400 housing, business, and public-sector leaders at the Citizens’ Housing and Planning Association’s annual Housing Summit, where he moderated a panel about Massachusetts’ economic development potential as a hub for modular construction. Read the article
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