In an effort to combat money laundering, terrorism financing, and other illicit activities, Congress passed the Corporate Transparency Act (CTA) in 2021. Beginning in 2024, the CTA requires most small and medium sized entities to electronically file a report disclosing entity structure and ownership information of the respective entity.
If your entity is a corporation, limited liability company (LLC), limited partnership, limited liability partnership, limited liability limited partnership, or business trust, you may have questions like these:
- Who Must File?
- What Information is Required?
- What about Ongoing Compliance?
For answers to these questions or for more information about the Corporate Transparency Act, please click here. Note: The information provided in this document is current as of September 19, 2024. There may be changes to these requirements which you will need to monitor.
For those entities in existence on December 31, 2023, the entity has until December 31, 2024 to submit their report. Those entities created during the calendar year 2024 will have 90 calendar days to submit initial reports. Entities created after December 31, 2024, will have 30 calendar days to submit initial reports.
Non-compliance can result in penalties and possible imprisonment. The fines range from $500 per day and up to $10,000 per violation and jail time up to two years.
If you would like for Capell & Howard to assist you, please contact Courtney Williams, Russ Russell, or Addison Franklin, and we will provide you with a CTA – BOIR Worksheet to complete. Please do not send us personal identifiable information via email. We will send you a secure link to upload the CTA – BOIR Worksheet and supporting documentation.