The Corporate Transparency Act for Restaurants & Breweries
You might’ve heard that there is a new law called the Corporate Transparency Act that all business owners are required to follow.
Yes, restaurant & brewery owners, that means you!
But don’t worry, it’s not hard to do, and here at U-Nique Accounting we make it really simple for you.
Here’s a quick overview of the new law and the next steps you need to take.
What is the Corporate Transparency Act?
The Corporate Transparency Act (CTA) is a new federal law in the U.S. starting in January 2024, that requires small businesses to report information about ownership to the government.
Its main goal is to make businesses more transparent to prevent illegal activities like tax fraud and money laundering.
Here’s what you need to know in simple terms:
Why: The government wants to know who really owns and controls businesses to stop things like fraud and illegal money.
Who: If you own a business in the U.S. and have a big say in how it runs (like owning a lot of it or making important decisions), you are a “beneficial owner.”
What to report: You have to tell the government your name, address, and some other details. This helps them know who’s in charge.
Updates: If things change, like who’s in charge or where your business is, you need to tell the government quickly (within 30 days).
When to report: You need to report this information when you start your business or within a certain time frame if things change.
How to report: You do it online, and it doesn’t cost anything to send the information.
In short, The Corporate Transparency Act is meant to stop shady business deals and keep things transparent, so everyone knows who’s really in charge of a company.
Failure to comply with the CTA’s reporting requirements may result in criminal or civil penalties for businesses.
When do restaurant & brewery owners need to file the CTA by?
Your due date for filing depends on when you opened your business.
Here are the deadlines:
- If you aren’t a new business: For businesses established before January 1, 2024, the initial deadline for filing the BOI Report is January 1, 2025.
- If you open this year (2024): Businesses established between January 1, 2024, and January 1, 2025, have 90 days from the date of their formation or public announcement, whichever comes first.
- If you open next year (2025): Companies established on or after January 1, 2025, have 30 days from the date of their formation or public announcement to submit their first BOI Report to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).
How Does U-Nique Accounting Make It Easier to File for Restaurants & Breweries?
Here at U-Nique Accounting, we make it really easy for our clients to comply with the Corporate Transparency Act.
We are launching a portal where you will be able to upload your information easily and quickly—we’re talking 5 minutes!—saving you from any hassle of dealing with the government.
And the good news is that the process will be the same for any and all future requirements as well.
In the future, many states will adopt the same regulations, and you’ll be able to go to one place, the portal, to comply with both federal and state requirements.
It’s that easy!
If you are a restaurant or brewery and have questions about the Corporate Transparency Act (CTA), we’re always here to help.
Simply book a quick call using the calendar below. If you’re an existing client, shoot us an email and we’ll respond back to your questions ASAP.
For now, don’t fret. It’s a quick and painless process, and we’re making it even simpler.
Until next time!