CareersAs you may be aware, the newly enacted Corporate Transparency Act (CTA) went into effect on January 1, 2024. The Financial Crimes and Enforcement Network (FinCEN), the agency charged by Congress with the administration of the CTA, estimates that over 32 million small businesses will be required to file a Beneficial Owner Information Report. This is a new reporting requirement for certain business entities covered by the CTA.
We previously issued a Client Alert via email on August 1st containing a summary of the CTA’s new requirements. Please click here to view that Client Alert.
Since our previous Client Alert, there has been one significant change. Entities formed during 2024, now have 90 days (after receiving actual or public notice that its creation or registration is effective) instead of 30 days to file an initial report with FinCEN. The latest changes did not affect the timing requirement for entities formed before January 1, 2024. The deadline to file an initial report with FinCEN for entities formed before January 1, 2024, remains January 1, 2025.
Failure to comply with the CTA’s reporting requirements may result in significant monetary fines and/or imprisonment. Walter Haverfield’s Business Services team can provide assistance to businesses and individuals regarding your entity’s reporting requirements.
Please reach out to your Walter Haverfield attorney or email us at CTACompliance@walterhav.com if you would like our assistance.