The Corporate Transparency Act (CTA) will require most owners of LLCs or small corporations to report additional identifying information on the entity and it’s owners to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). Violations of the CTA and noncompliance with reporting requirements can result in hefty penalties, so it is important to comply. The final rule and its regulations may go into effect as early as January 1, 2024.
IT IS IMPORTANT TO NOTE:
This also applies to individuals who exert control over certain aspects of the business, have beneficial interest in the business, and trusts that may have ownership in the business.
If you are considering incorporating your business, now is the time. Entities organized before January 1, 2024 have until December 31, 2024 to comply with the CTA. While entities that organize after January 1, 2024, have only 90 days from the date of organizing/incorporating to comply.
Whether you are a new or existing entity, watch this short clip as our corporate law co-chair Jonathan J. Fox and paralegal Carol Kregel explain how the CTA may affect you and how you should prepare now to be compliant.
Kelleher + Holland, LLC is here to keep you informed and provide options of how we can assist you in being compliant with the CTA. Click Here for additional details.
