.png){kind=spacer}
Hey there, fellow undersea entrepreneurs! Ever felt like you're diving in murky waters when it comes to the new Transparency Act? Well, hold on to your fins because we're about to make these waters crystal clear!
Picture this: You're swimming along, enjoying the vibrant marine life and suddenly, you spot a shiny object glinting in the sand. It's the new reporting rule that's set to go into effect on January 1st, 2024. Now, you might be thinking, 'That's still a while away, I've got time.' But remember, just like a dive, it's all about preparation.
This new rule requires you to report ownership of entities where you own more than 25% or have substantial control. The aim? To curb money laundering and terrorism by ensuring transparency in entity ownership. But don't worry, exemptions exist for publicly held companies and certain nonprofits.
So what does this mean for you, my buoyant business owners? Well, it's time to get your water-tight books in order. Because, let's face it, just because you want to be underwater doesn’t mean your business has to be!
And that's where we come in, your trusty Dive Buddy Accounting team. We'll help you navigate these changing tides with our soluble strategies and backrolled bankrolls. With us by your side, you'll not only stay afloat but sail smoothly towards a good life and a good living.
Remember, existing entities have until January 1st, 2025, to comply, while those formed in 2024 must register within 90 days. So don't delay, because penalties may apply for non-compliance. After 2024, new entities must report within 30 days.
We're working hard to understand and navigate this requirement and will keep you updated. Because when it comes to living a life wild and free, on your own terms, with an enterprise that supports you, we all need a dive buddy.
So, ready to make a giant stride into sustainable growth strategies? Let's dive in!
