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Will YOU be Caught by the Corporate Transparency Act?


If you are a business owner, are you aware of the Corporate Transparency Act? The CTA has created beneficial ownership information reporting requirements for “reporting companies”. If you are required to report, you may have to submit private information such as full legal names and residential addresses as well as pictures of IDs/passports. The penalties for failing to comply with the CTA are strict. Beginning on January 1, 2024, both civil (fines of up to $500 per day for noncompliance up to a total of $10,000) and criminal penalties (up to and including imprisonment) may be imposed on individuals for not only willful non-compliance, but also for merely causing the failure of compliance.


If you have questions about the Corporate Transparency Act and whether an entity you own may be captured under the Act, please call our office to schedule an appointment.


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