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The CTA is designed to enhance transparency in business ownership and prevent illicit activities such as money laundering and terrorism financing. Under this legislation, certain entities are required to disclose information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) which is a division of the US Treasury.

As your trusted CPA firm, we want to make you aware of your obligations under the CTA and assist you in fulfilling these requirements. Here are the key points you need to be aware of:

1. Applicability: The CTA applies to certain entities, including corporations, limited liability companies (LLCs), and other similar entities. If your business falls within the scope of the Act, you will be required to report information about your beneficial owners.
2. Beneficial Owner Information (BOI): Beneficial owners are individuals who, directly or indirectly, exercise substantial control over the entity or have a significant ownership interest. The Act requires the disclosure of personal information such as name, address, date of birth, and social security number for each beneficial owner.
3. Filing Requirements: Entities covered by the CTA will need to submit beneficial ownership information to FinCEN. The initial reporting deadline is December 31, 2024 for entities in existence in 2023 and within ninety (90) days after formation for entities formed in 2024.  Subsequent reports must be filed within one year to report any changes to the beneficial ownership information.
4. Penalties for Non-Compliance: Non-compliance with the CTA can result in substantial penalties. It is crucial to meet the reporting requirements within the specified due dates to avoid any adverse consequences.

We will be prepared to begin working with you by mid-May.  We recommend that you reach out to us in early May to schedule a consultation and begin the process of completing the necessary forms.

If you would like to learn more, there is information available at the following websites:

https://www.fincen.gov/boi/small-business-resources 

https://www.fincen.gov/boi 

https://www.fincen.gov/beneficial-ownership-information-reporting-rule-fact-sheet 

We understand that regulatory changes can be complex, and we are committed to providing the guidance and support necessary to navigate these requirements seamlessly. 

TKM, LLC

Albuquerque, NM – TKM, LLC, a leading accounting firm based in Albuquerque, New Mexico, is thrilled to announce a significant milestone in its storied history. With a legacy spanning half a century, TKM, LLC has not only stood the test of time but has also emerged stronger and more dynamic than ever. Today, we are proud to unveil a fresh identity that reflects our continued commitment to our clients as trusted advisors. We are also excited for a future of innovation, and continued growth.

TKM, LLC, formerly known as Kubiak Melton & Associates, LLC, has grown into a trusted partner for businesses, individuals, governments, and nonprofit entities in the New Mexico community. Over the past five decades, we have been dedicated to providing exceptional accounting, tax, audit, and advisory services to meet the evolving needs of our clients.

As part of our rebranding initiative, we are excited to introduce our new name, TKM, LLC. This name change reflects our ongoing evolution and positioning of our services to better serve our clients for the next 50 years. It signifies our dedication to remaining at the forefront of the accounting, tax, audit, and advisory services and delivering proactive client solutions.

In addition to our name change, we are delighted to announce that Daniel O. Trujillo has been appointed as Managing Partner. Daniel has been an integral part of our team for fifteen years, demonstrating exceptional expertise and leadership in the field. Daniel joined TKM, LLC in 2009 and was promoted to partner in 2016. Daniel has grown our client service offerings during his tenure. This appointment is a testament to Daniel’s commitment to excellence and our firm’s dedication to nurturing top talent and delivering exceptional client service.

John D. Kubiak, Founding Partner of TKM, LLC, expressed his excitement about these developments, stating, “As we turn the page on the next 50 years of exceptional client service, I could not think of a better way to roll it out than to update our name and designate Daniel as the individual to lead this exciting journey” He added, “Our firm’s success has always been driven by our commitment to excellence and our clients’ success. We are excited about the future and the opportunities that lie ahead.”

The Partners John D. Kubiak and Belinda C. Melton are not going anywhere. As a part of this transition, John and Belinda will begin to enjoy the fruits of their labor with less client responsibilities. With a collective 80+ years of experience between the two, our team will retain the ability to tap into their knowledge for the benefit of our clients.

TKM, LLC invites clients, partners, and the community to join us in celebrating this remarkable journey. We are grateful for the trust and support we have received over the years and are excited about the possibilities that the future holds.