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BY RICK VERSACE
On January 1, 2024, the US Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) initiated a landmark move through the enforcement of the Corporate Transparency Act, a 2021 legislation that was enacted to curb illicit finance. This act mandates that all companies operating in the United States must report information about who owns or control their corporate entity.
Rick Versace
The Inception of Compliance
The limo industry, known for its impeccable service and attention to detail, now has another detail that every operator must be concerned with. For existing companies, those that were already in business before January 1, 2024, the deadline to report is January 1, 2025. However, any new companies created in 2024, have a mere 90 days to file after setting up a new corporation—although that window is reduced to 30 days starting in 2025. The penalties are steep, as much as $500 per day for noncompliance.
Our industry is used to regulatory compliance, but this new federal requirement is something that every operator should be aware of. For small business owners, the cost of noncompliance could cripple your business.
The FinCEN Partnership
While FinCEN adds another layer of complexity to owning and operating your business, the aim of FinCEN is to safeguard the financial system from scams, combat money laundering and related crimes, and promote national security. Part of FinCEN’s mission is a commitment to assist small businesses to come into compliance.
FinCEN has released The Small Entity Compliance Guide, which is written in plain language, to help guide small businesses through the requirements step by step. Operators can use the guide for navigating the intricacies of the Corporate Transparency Act. The guide outlines the information needed, the filing process, and the deadlines, making the seemingly complex task more manageable. This report only needs to be filed once unless updates to ownership are required.
Navigating the Compliance Highway
If you have an accountant, make sure they know about any new corporation you might set up, and if you don’t have an accountant, you can file with FinCEN yourself. The process of filing is not complicated, and you can follow the guide provided by FinCEN. The steps are easy to follow and free of charge. The online platform designed for reporting companies streamlines the submission of beneficial ownership information.
The Limelight on Compliance
Compliance is not just a regulatory checkbox; it was an opportunity for businesses to demonstrate their commitment to ethical practices, accountability, and national security. The interconnected nature of the Corporate Transparency Act means that each small business's compliance contributes to a collective effort to combat scams and money laundering. The data collected by FinCEN, while safeguarding against financial crimes, also served as a powerful tool for national security.
The US Beneficial Ownership Information Registry is now live, and every operator should make sure that all the corporations they own, or control are registered. Compliance with the Corporate Transparency Act should not be looked at as a burden; but an opportunity for businesses to showcase their commitment to ethical practices, accountability, and national security.
Rick Versace is the owner of A1A Limo in Florida, treasurer of the National Limousine Association, and president of the Florida Limousine Association.
[01.16.24]
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- Category: Industry News
We’re pleased to announce that the CD/NLA Vegas Show Early-Bird Rate has been extended to 11:59 p.m. ET on Wednesday, January 17. This is your last chance to save $70 to secure your space for $549. If you’re an NLA member, you can save an additional $100 and get four days of education, networking, and fun for only $449. Don’t wait, click here to register now to join us at the MGM Grand on March 3-6.
One of the most exciting things about Vegas is the influx of new faces at the show. In addition to seeing our old friends and colleagues, it’s encouraging to see so many first-time attendees take part in the event. This not only proves that our industry is alive, well, and growing, but it also provides veteran showgoers with the opportunity to expand their network with new companies and markets.
However, for the operators new to the CD/NLA event, they may be filled with equal parts excitement and anxiety, as the show can be a bit overwhelming when you’re a newbie. With that in mind, we’re proud to present our annual First-Timers’ Event on Sunday, March 3 at 1:30 p.m. We’ll kick things off with a brief orientation, where you and your fellow first-timers will be paired with an experienced industry professional who can make recommendations for the best sessions to attend, people to meet, and allay any other confusion you have about the show. Furthermore, you can always reach out to anyone on the CD or NLA teams for more assistance, but we take it one step further. Lifelong friendships and business relationships often start at our shows, so you’ll get to know at least a few people who can lend a hand after attending our orientation. After the First-Timers’ Event, all you have to do is concentrate on your investment in attending the show.
“As a first timer to the show, I felt very welcomed and everyone was friendly. I met fantastic people and made connections that will be very helpful to our business,” says Nancy Plante of Executive Express.
And speaking of investment, first-time operators may be curious as to what the price of admission entails. Well, to start, you get four days loaded with classroom-style education and interactive roundtables, as well as dedicated networking events like the Affiliate Central Global Forum, Women in the Industry Breakfast, and the International Meet & Greet. Your ticket also grants you admission to our expansive show floor where you can wheel and deal with vendors, builders, and manufacturers of all the tech, services, and metal you need for your business. Furthermore, attendees are invited to two evening parties featuring entertainment, all-you-can-eat light fare, and open bar. Last but not least, we supply three breakfasts and two lunches.
Whether you’re a first-time attendee of Vegas veteran, you’ll want to check out our full schedule of events so you can plan to get the most out of the CD/NLA Show. Our schedule is where you’ll find everything from sessions like Cyber Security: Common Threats for Small Businesses and DIY Marketing: Tips & Tricks to Reach Your Audience and Promote Your Brand to our Technology roundtable, not to mention the International Panel Discussion, and our extended show floor hours on Monday and Tuesday. What’s more, you’ll be able to plan your time at Tuesday’s Affiliate Central Global Forum and the first-ever Chauffeur Driven Advertiser Meet & Greet. See the full schedule below.
Sunday | March 3
9:00 a.m. - 7:00 p.m. Registration
12:00 p.m. - 1:15 p.m. .. Cyber Security: Common Threats for Small Businesses
1:30 p.m. - 2:45 p.m. ..... First-Timers’ Event
1:30 p.m. - 2:45 p.m. ..... Advanced Operator Session: Taking the Next Leap
3:00 p.m. - 4:15 p.m. ..... Succession & Estate Planning
4:30 p.m. - 6:00 p.m. ..... Association Summit
4:30 p.m. - 6:00 p.m. ..... Livery Coach Solutions User Group Meeting
6:00 p.m. - 9:30 p.m. ..... Break
9:30 p.m. - 11:30 p.m. .. Opening Night Party on Show Floor
Monday | March 4
7:00 am - 6:00 p.m. ....... Registration
7:00 a.m. - 7:45 a.m. ..... Breakfast
8:00 a.m. - 9:00 a.m. ..... Small Operator Session: Expanding Your Retail Footprint
9:15 a.m. - 10:30 a.m. ... FMCSA Updates
9:15 a.m. - 10:30 a.m. ... International Panel Discussion
10:45 a.m. - 12:00 p.m. . NLA Annual Membership Meeting
12:15 p.m. - 1:45 p.m. ... Keynote Address
1:45 p.m. - 5:30 p.m. ..... Show Floor
1:45 p.m. - 2:45 p.m. ..... Lunch on the Show Floor
5:45 p.m. - 7:00 p.m. ..... International Meet & Greet
7:00 p.m. - 9:30 p.m. ..... Break
9:30 p.m. - 12:00 a.m. ... Monday Night Party: ’80s vs. ’90s
Tuesday | March 5
7:30 a.m. - 5:30 p.m. ..... Registration
7:15 a.m. - 8:00 a.m. ..... Breakfast
7:15 a.m. - 8:00 a.m. ..... Women in the Industry Breakfast
8:15 a.m. - 9:15 a.m. ..... Sustainability & EV Panel Discussion
9:30 a.m. - 10:45 a.m. ... DIY Marketing: Tips & Tricks to Reach Your Audience and Promote Your Brand
9:30 a.m. - 10:45 a.m. ... Music Express Affiliate Meeting
11:00 a.m. - 12:15 p.m. . What Rich Clients Want But Won’t Tell You
11:00 a.m. - 12:15 p.m. . Limo Anywhere User Group Meeting
12:15 p.m. - 1:15 p.m. ... Lunch
1:15p.m. - 2:45 p.m. ...... Affiliate Central Global Partner Forum
1:45p.m. - 5:15 p.m. ...... Show Floor
5:15p.m. - 6:30 p.m. ...... Chauffeur Driven Advertiser Meet & Greet
Wednesday | March 6
8:00 a.m. - 8:45 a.m. ..... Breakfast
9:00 a.m. - 10:15 a.m. ... Wellness Session
10:30 a.m. - 11: 45 a.m. Technology Roundtable
“I have been attending the industry shows for over 15 years and will continue to attend based on the consistent takeaways from the many different aspects of the show,” says Len Joseph of On The Town Limousines. ”The educational contribution by the CD/NLA Team just gets better and better each and every year. Regardless of how long you’ve been in the industry, you will continue to learn and therefore grow session by session. Networking with associates and leaders of the industry is a never-ending feature and benefit of the show. The bottom line is simple: attend, learn, network, and grow with the transportation industry.”
Visit cdnlavegas.com for more information.
[01.16.24]
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- Category: Industry News
Maurice and Rhonda Brewster celebrate the addition of EVs into their fleet
California-based Mosaic Global Transportation is proud to announce the addition of electric vehicles in their fleet as part of their sustainable solutions in transportation. This is the culmination of a two-year project aimed at reducing the company's carbon footprint and leading the transportation industry towards a greener future.
According to Mosaic, the project began in September 2021 to transform how they serve their clients, which included the deployment, operation, and maintenance of five DC fast chargers, laying the groundwork for what would become their extensive commitment to clean energy.
Fast forward to today, after meticulous planning and collaboration with top electric vehicle technology firms, Mosaic has introduced three state-of-the-art, fully electric transit vehicles into their service offerings. These vehicles are now operational as eco-friendly shuttles for the internal transit network of a leading technology corporation in Silicon Valley, which they say reflects their dedication to innovation and core values of sustainability.
"Embracing sustainability is not just a trend, it's a critical component of our long-term vision for the transportation industry,” says Founder & CEO Maurice Brewster. “The conversion of our vehicles to electric is a testament to this commitment. This initiative demonstrates our dedication to leading the charge in environmental stewardship while providing top-tier service to our clientele.”
Echoing the sentiment, President Rhonda Brewster added: “This electrification project is a significant milestone in our journey to reduce our ecological footprint and to foster a greener future. It's a proud moment for the entire Mosaic team as we see our efforts come to fruition, delivering on our promise of eco-efficient and exceptional transportation solutions.”
The Brewsters say that they hope that their initiative stands as a beacon for the industry, signaling a shift towards more environmentally conscious business models and operational excellence.
Visit mosaicglobaltransportation.com for more information.
[01.15.24]