Corporate Transparency Act

  • WHAT IS IT?
    • New federal law that applies to the majority of businesses
    • “Beneficial Owners” of corporations and LLCs must disclose and file information
    • “Beneficial Owners” are persons with an ownership percentage or substantial control of the business, e.g. CEO, CFO, Boards
  • WHAT HAPPENS IF YOU DON’T FILE?
    • Penalties of $500/day, up to $10,000
    • Jail time up to 2 years
  • WHAT TO DO NOW?
    • Learn more
    • Figure out if you have to file, or if you get an exemption
    • Company in existence before 1/1/24 = file by 12/31/24!!!
    • New company formed on/after 1/1/24 = 90 days to file!!!
  • RESOURCES:
    • https://www.fincen.gov/boi
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