Accounting Weekly | CIBA’s Post

Understand the latest FinCEN guidance on reporting obligations, even for dissolved entities. Ensure your company remains compliant with the CTA's new regulations. #CTA #FinCEN #Compliance https://lnkd.in/gAAd7Vhr

FINMA is set to consolidate and update its regulations on insolvency proceedings with the introduction of a new FINMA Insolvency Ordinance, integrating provisions from the Banking, Insurance Supervision, and Collective Investment Schemes Acts. 🔑  Key Updates: 1. Consolidation of three separate ordinances into one, enhancing legal clarity and consistency across financial institutions. 2. Detailed restructuring procedures for insurance companies, offering flexibility and adaptability to specific cases. 3. Aims to speed up insolvency proceedings and improve legal certainty for all institutions under FINMA’s jurisdiction. 💡 Market Impact: ➡ Increased Efficiency: Faster and more standardized procedures across the financial sector. ➡ Regulatory Clarity: Institutions can better navigate restructuring and bankruptcy, reducing risks. 💭  What Are Your Thoughts? How do you see these changes impacting your institution’s risk management? Are you prepared to implement the updated procedures effectively? Free Consultation: If you’re uncertain about how to adapt to these regulations, I’m offering a free consultation to help your institution navigate and implement the changes. Reach out to discuss how your business can stay compliant and ahead of the curve:  https://lnkd.in/eUSWiyZQ Source: https://lnkd.in/eEMdJrhn #Finance #Regulation #RiskManagement #Banking #Insurance #Insolvency #FINMA #Compliance

In the past few weeks there have been a lot of discussions about the new Beneficial Ownership Information (BOI) reporting requirements issued by the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) and how it will affect small business owners. If your entity is registered with a Secretary of State (or any similar office) and registered to do business in the U.S, then you may be required to report your ownership and additional information to the FinCen of the U.S. Treasury Department. Most entities are required to complete the BOI report such as corporations, LLCs, LPs, LLPs, and certain trusts. For more information on the reporting requirements please visit the FinCEN website. I've included the link my comment below.   Due to the potential legal implications of the BOI filing, Langdon & Company LLP recommends consulting with your attorney if you have any questions.  

Attention all business owners who are either shareholders in a corporation or members of an LLC. With the recent enactment of the Corporate Transparency Act (CTA), it is important to ensure your company is compliant with the new regulations. Companies must confer with counsel to determine if it applies to them or if they are exempt, and new Shareholder and Operating Agreements should include language regarding the obligations of beneficial owners to file with FinCen. Existing agreements may need to be amended as well. As a reminder, companies created on or after January 1, 2024, must submit a report of their beneficial owners and related company information within 90 days of creation or registration. Companies that existed before December 31, 2023, must submit a beneficial owners report by January 1, 2025. It's important to act sooner rather than later, as these filings can be burdensome and time-consuming. #CTA, #LLC, #smallbusinessowner #corporation #FinCen #corporatelawyer #beneficialowner Stay informed and compliant by checking out the Small Entity Compliance Guide provided by FinCen. Let's work together to ensure our businesses are following the new regulations. efaidnbmnnnibpcajpcglclefindmkaj/https://lnkd.in/eAFqAgKM

FinCEN Beneficial Ownership Information FAQs C.12, C.13 and C.14 provide helpful specifics regarding dissolved entities. Bottom line: if dissolution was completed after 1 January 2024, the Reporting Company must file a BOI Report.

Did you know? Valuation under the Insolvency and Bankruptcy Code (IBC), 2016 is a critical aspect of the resolution process. Here are some key facts: 1. Fair Market Value: Valuation under IBC aims to determine the fair market value of the distressed company's assets, ensuring transparency and fairness in the resolution process. 2. Independent Professionals: Valuation is typically conducted by independent professionals with expertise in finance, accounting, and valuation methodologies to ensure accuracy and impartiality. 3. Creditor Protection: Proper valuation helps protect the interests of creditors by ensuring that the resolution plan offers a fair and equitable value for their claims against the company. 4. Resolution Plan Evaluation: Valuation plays a crucial role in evaluating resolution plans submitted by potential resolution applicants, helping creditors make informed decisions regarding the viability of the proposed resolution. 5. Market-driven Process: Valuation under IBC follows a market-driven approach, taking into account prevailing market conditions, industry trends, and future growth prospects to determine the value of the distressed company's assets. Stay tuned for more insights into the intricacies of valuation under IBC! 👉 Follow: AAA Valuation Professionals LLP 👉 Website: https://aaavaluation.in/ #aaainsolvency #ibc #fraud #finance #financialservices #aaavaluation

On July 8th, the Department of the Treasury released additional guidance related to the new Beneficial Ownership Information reports that are now required. Specifically, they addressed reporting requirements for companies that have been dissolved, or are in the process of winding up. The BOI reports are a new compliance item starting this year that require many LLC’s, Corporations, and some trusts to disclose certain information about their ownership and formation. They are administered by the Treasury Department’s FinCEN division, and currently have a very broad applicability. As with any compliance requirement administered by the government, there are some intricacies and exceptions as well, but definitely worth looking into for small business owners. Additional info can be found here:  https://lnkd.in/efjnqYgd

Compliance shouldn’t be a headache! With new FinCEN CTA requirements, filing your Beneficial Owner Information (BOI) can feel overwhelming. My team at AB Fin CPA will handle it for you, so you can focus on what you do best—running your business. Let’s simplify this together! 💼✔️ 📅 Deadline: File by Jan 1, 2025 Got questions? Reach out, and we’ll take it from there! Learn more at https://bit.ly/3ZI4mBA #BusinessCompliance #FinCEN #CPA #Compliance #SmallBusiness

If you're facing financial difficulties and need to either safeguard or transfer your business assets, there are some steps you should follow to ensure that you do it properly: 1. Get an asset valuation: Start by obtaining a professional valuation of the assets you want to keep or transfer. This will give you a starting point for any future actions. 2. Consult an insolvency practitioner: An insolvency practitioner is crucial in this process. They will make sure that you obtain a fair value for your assets. Any transfer or purchase of assets must be recorded and reported to creditors, providing evidence of a fair value. 3. Maintain transparency and fairness: Throughout the process, transparency and fairness are essential. The goal is to protect the interests of creditors and comply with legal and regulatory requirements. Get in touch 👉 https://lnkd.in/d837zMv #middlebrooks #insolvency #advice #finance #debt #recovery

Compliance shouldn’t be a headache! With new FinCEN CTA requirements, filing your Beneficial Owner Information (BOI) can feel overwhelming. My team at AB Fin CPA will handle it for you, so you can focus on what you do best—running your business. Let’s simplify this together! 💼✔️ 📅 Deadline: File by Jan 1, 2025 Got questions? Reach out, and we’ll take it from there! Learn more at https://bit.ly/3ZI4mBA #BusinessCompliance #FinCEN #CPA #Compliance #SmallBusiness