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Client Alert: Critical Compliance for Business Owners – Corporate Transparency Act
If you are a business owner, your business may be subject to the Corporate Transparency Act (CTA), which became law in January 2021. The CTA requires certain companies to disclose information about their beneficial owners—those with substantial control or a 25% or greater ownership interest—to the Financial Crimes Enforcement Network (FinCEN).
Filing Deadlines:
Existing companies (formed before January 1, 2024) must submit beneficial ownership information by January 1, 2025.
New companies (formed on or after January 1, 2024) must report within 30 days of formation.
Penalties:
Failure to comply can result in civil penalties of up to $500 per day (up to $10,000 total) and criminal penalties, including imprisonment for up to two years.
If you’re unsure if your business qualifies or if you need assistance with complying with this, contact an attorney for assistance.
For assistance with your Corporate Transparency Act filings or any other business compliance matters, contact our firm:
Roots and Wings Legal
Address: 1990 N. California Blvd., Suite 800, Walnut Creek, CA
Phone: (925) 289-8990
Email: [email protected]
Website: https://www.rootsandwings.legal
Disclaimer: This alert is for informational purposes only and does not constitute legal advice. Please consult a legal professional for specific guidance on your situation.
Client Alert: Critical Compliance for Business Owners – Corporate Transparency Act
If you are a business owner, your business may be subject to the Corporate Transparency Act (CTA), which became law in January 2021. The CTA requires certain companies to disclose information about their beneficial owners—those with substantial control or a 25% or greater ownership interest—to the Financial Crimes Enforcement Network (FinCEN).
Filing Deadlines:
Existing companies (formed before January 1, 2024) must submit beneficial ownership information by January 1, 2025.
New companies (formed on or after January 1, 2024) must report within 30 days of formation.
Penalties:
Failure to comply can result in civil penalties of up to $500 per day (up to $10,000 total) and criminal penalties, including imprisonment for up to two years.
If you’re unsure if your business qualifies or if you need assistance with complying with this, contact an attorney for assistance.
For assistance with your Corporate Transparency Act filings or any other business compliance matters, contact our firm:
Roots and Wings Legal
Address: 1990 N. California Blvd., Suite 800, Walnut Creek, CA
Phone: (925) 289-8990
Email: [email protected]
Website: https://www.rootsandwings.legal
Disclaimer: This alert is for informational purposes only and does not constitute legal advice. Please consult a legal professional for specific guidance on your situation.
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