{"id":28259,"date":"2024-12-02T08:51:29","date_gmt":"2024-12-02T14:51:29","guid":{"rendered":"https:\/\/www.aae.org\/specialty\/?p=28259"},"modified":"2024-11-29T11:55:07","modified_gmt":"2024-11-29T17:55:07","slug":"new-reporting-requirements-under-the-corporate-transparency-act-what-dental-practices-need-to-know","status":"publish","type":"post","link":"https:\/\/www.aae.org\/specialty\/new-reporting-requirements-under-the-corporate-transparency-act-what-dental-practices-need-to-know\/","title":{"rendered":"New Reporting Requirements Under the Corporate Transparency Act: What Dental Practices Need to Know"},"content":{"rendered":"<p>The Corporate Transparency Act (CTA), enacted in 2021, introduces new reporting requirements for small businesses, including many dental practices. These requirements are aimed at combating money laundering by increasing transparency around business ownership. As of <strong>January 1, 2024<\/strong>, businesses that meet certain criteria must file<strong> beneficial ownership information reports<\/strong> with the U.S. Department of the Treasury\u2019s Financial Crimes Enforcement Network (FinCEN). Failure to comply by <strong>January 1, 2025<\/strong>, could result in significant penalties.<\/p>\n<h3><strong>Who Needs to File?<\/strong><\/h3>\n<p>Dental practices must file under the Corporate Transparency Act if they meet the following criteria:<br \/>\n\u2022 Employ <strong>fewer than 20 people<\/strong>, or<br \/>\n\u2022 Generate <strong>less than $5 million in gross annual receipts<\/strong>.<\/p>\n<h3><strong>What Needs to Be Reported?<\/strong><\/h3>\n<p>Businesses that meet these criteria must report the following information:<br \/>\n<strong>1. Business Information<\/strong><br \/>\n\u2022 Legal name and trade names.<br \/>\n\u2022 Current address.<br \/>\n\u2022 Jurisdiction of formation.<br \/>\n\u2022 Tax Identification Number (TIN).<br \/>\n<strong>2. Beneficial Ownership Information<\/strong><br \/>\n\u2022 Full legal name.<br \/>\n\u2022 Date of birth.<br \/>\n\u2022 Residential address.<br \/>\n\u2022 Identification number (e.g., driver\u2019s license, passport, or state ID) along with a copy of the form of ID used.<\/p>\n<h3><strong>Who Qualifies as a Beneficial Owner?<\/strong><\/h3>\n<p>A \u201cbeneficial owner\u201d is defined as an individual who:<br \/>\n<strong>\u2022 Owns or controls at least 25% of the business, or<\/strong><br \/>\n<strong>\u2022 Exercises substantial control over the business.<\/strong><\/p>\n<p>\u201cSubstantial control\u201d may include senior officers of a business or individuals with significant influence over key decisions. Due to the complexity of determining beneficial ownership, the AAE encourages members to consult legal counsel for guidance.<\/p>\n<h3><strong>Why Is This Important?<\/strong><\/h3>\n<p>Failure to file a report on time could result in severe consequences, including:<br \/>\n\u2022<strong> Civil Penalties:<\/strong> Fines of up to $500 per day until the violation is corrected.<br \/>\n\u2022<strong> Criminal Penalties:<\/strong> Fines of up to $10,000 and\/or imprisonment for up to two years.<\/p>\n<h3><strong>Key Takeaways for AAE Members<\/strong><\/h3>\n<p>\u2022 Determine if your practice qualifies under the CTA reporting requirements based on staff size and revenue.<br \/>\n\u2022 Collect and prepare the necessary information about your practice and its beneficial owners.<br \/>\n\u2022 Consult legal counsel for clarity on beneficial ownership and filing obligations.<br \/>\n\u2022 File your report by <strong>January 1, 2025<\/strong>, to avoid penalties.<\/p>\n<p>The AAE encourages members to take these requirements seriously and begin preparing early to ensure a smooth compliance process. For further guidance, please consult a trusted legal advisor or relevant resources to ensure compliance with these new requirements.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Corporate Transparency Act (CTA), enacted in 2021, introduces new reporting requirements for small businesses, including many dental practices. These requirements are aimed at combating money laundering by increasing transparency&hellip;<\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[158],"tags":[],"feature":[202],"class_list":["post-28259","post","type-post","status-publish","format-standard","hentry","category-practice-management","feature-communique"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>New Reporting Requirements Under the Corporate Transparency Act: What Dental Practices Need to Know - American Association of Endodontists<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.aae.org\/specialty\/new-reporting-requirements-under-the-corporate-transparency-act-what-dental-practices-need-to-know\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Reporting Requirements Under the Corporate Transparency Act: What Dental Practices Need to Know - American Association of Endodontists\" \/>\n<meta property=\"og:description\" content=\"The Corporate Transparency Act (CTA), enacted in 2021, introduces new reporting requirements for small businesses, including many dental practices. 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