Showing 4 results for:
corporate-transparency-act
Popular topics
All results
Business owners are watching a back-and-forth battle that’s become tougher than playing tennis against Coco Gauff , and neither side is backing down. The two opponents? Business owners (specifically a Texas gun shop, the National Small Business Association and the state of Alabama) versus the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury (USDOT). What are they debating about? Nationwide business owners being required to file the Beneficial Ownership Information Report (BOIR) before January 1, 2025 in order to avoid a $591 fine, criminal penalties of up to two years in prison and repeat offenses that could lead to them owing $10K. What Is The Beneficial Ownership Information Report (BOIR)? Effective January 1, 2024, many companies in the United States must report information about their beneficial owners (the people who own or control their companies) to FinCEN , a bureau of USDOT. Filing is free and a onetime occurrence in order to...
As small business owners and corporations duke it out in customer competition, resources that can strengthen their connection with consumers become more attractive. Big corporations have, at their disposal, the funding to get creative about marketing. Yet, small business owners are doing the same at a higher risk. Tech, though available to both, has been leveraged by both parties, with small businesses coming out on top. It isn’t enough anymore for a customer to receive what they’ve ordered; a custom experience makes it that much better and, most times, ensures a return sale. Here’s is how small businesses use tech to outsmart big corporations—and win! How Small Businesses Are Using Tech: Artificial Intelligence Small businesses within e-commerce are using platforms with AI to create more personalized shopping experiences for consumers. Elements like data analytics allow companies to offer personalized recommendations that are as more tailored than those of a corporation. Beatrice...
Kevin Hart’s Gran Coramino Tequila has officially reached a new milestone. According to a press release shared with AFROTECH™, since its inception in 2022, the ultra-premium tequila company has provided more than $1 million in grant funding to over 100 Black and Latinx small-business owners and entrepreneurs through its Coramino Fund. The fund, powered by the company founded by Hart and 11th-generation tequila maker Juan Domingo Beckmann, has made giving back to the community its main priority from the very beginning, honoring its “vision to celebrate life’s hard-earned moments” by donating $1 from every bottle sold to support underrepresented entrepreneurs in the United States and Mexico. “As an entrepreneur myself, I’ve seen how early financial support can impact the long-term success of the business,” Hart said in a statement. “The Coramino Fund was created to provide support to some of the hardest working people out there — entrepreneurs and small business owners.” View this...
A new law coming into effect at the beginning of 2024 will affect numerous small business owners. According to the U.S. Chamber of Commerce, the Corporate Transparency Act (ACT) will go into effect on Jan. 1, 2024. The law is intended to take action against money laundering, tax fraud, and financing for terrorism by retrieving more information around the ownership of a business.