Shannon Pawley, The Estate & Asset Protection Law Firm Owner, provides important not-to-be-missed information for business owners.

DECATUR, GA, April ••, 2024: Shannon Pawley, Owner of The Estate & Asset Protection Law Firm, has posted a new article on the law firm’s website entitled “The New Corporate Transparency Act (CTA) Requires New Reporting Obligation For Business Owners.” Ms. Pawley goes over the basic requirements of the CTA and provides a link for business owners to get more details.

Pawley writes, “Before January 1, 2025, businesses have a new reporting obligation to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN)” She continues, “ If you’re starting a new business this year, you will be required to report. If you’ve been in business for years or decades, you will be required to report. What you must submit,” she states, “is beneficial ownership information (BOI). According to the recently released report, a beneficial owner is “an individual who exercises substantial control over the company or who owns or has control over at least 25% of its ownership interests.” There is also no set maximum limit on the number of beneficial owners a business has.”

Pawley informs readers that, “The goal of the Corporate Transparency Act (CTA) is to address illicit activities, like money laundering and tax evasion, by gathering additional information about the ownership of specific entities operating in or engaging with the U.S. market.” She also reports, “There are substantial penalties and fines for not filing.”

As Pawley notes, there are some businesses exempt from the filing requirements. She says that, “There are 23 exemptions. Most are for companies that are already subject to substantial federal or state regulation under which their beneficial ownership may already be known.” According to the CTA, “This includes, among others, entities that file reports with the SEC, governmental authorities, banks, credit unions, money services businesses, investment advisors, securities brokers and dealers, tax exempt entities, entities assisting tax exempt entities, insurance companies, state-licensed insurance producers, pooled investment vehicles, public utilities, inactive entities, subsidiaries of certain exempt entities, accounting firms, and large operating companies.”

Pawley provides the following link for business owners that want more in-depth information. https://www.fincen.gov/boi

The entire article can be read by CLICKING HERE

About The Estate & Asset Protection Law Firm

The Estate & Asset Protection Law Firm was established to serve the legal needs of retiring citizens. The Firm focuses its entire practice on providing strategies to protect independence, privacy, assets and taxes from the government. Shannon Pawley has grown her law practice by providing excellent customer satisfaction with personalized wealth protection plans.

About Shannon M. Pawley, J.D., LL.M

As the owner of The Estate & Asset Protection Law Firm, Shannon M. Pawley and her entire team share a passion which focuses on being able to serve the legal needs of retiring individuals. In our firm, WE BELIEVE that people should not have to lose everything they’ve worked a lifetime to earn and that every person is an individual who deserves respect and the highest quality of life possible, regardless of age or ability. We also believe that privacy and protection are the keys to personal peace. Born and raised in the Tidewater area of Virginia to a tightknit family with strong military service roots, Shannon learned from an early age the value of hard work and the importance of social awareness to ensure you always leave a situation in a better place than how you entered it. In her junior year of high school, Shannon served as U.S. House of Representatives Page during the 101st United States Congressional Session in Washington, D.C. This experience exposed her to numerous new cultures and worldly issues. Walking away from her experience as a U.S. House of Representative Page, Shannon knew that she wanted to pursue legal studies and be able to assist others in obtaining the best results available in difficult situations.

Shannon earned her undergraduate degree at North Carolina Wesleyan College and pursued a law degree from Michigan State University College of Law. After obtaining her law degree and becoming a licensed attorney in Michigan, she continued her educational pursuit by acquiring a LL.M. (Master of Law) in Taxation from Wayne State University. After moving to Georgia in 2018, Shannon obtained her Georgia law license and has enjoyed being able to pursue her desire of ensuring persons are able to age with dignity, grace and independence.