Ensure Compliance with the Corporate Transparency Act

As part of our commitment to keeping you informed about regulatory changes that may impact your business, we would like to bring your attention to the recently enacted Corporate Transparency Act (CTA).

The Corporate Transparency Act, signed into law to enhance corporate transparency and prevent illicit activities such as money laundering and fraud, has implications for businesses across various industries. It introduces new reporting requirements for beneficial ownership information, affecting a wide range of entities.

To ensure that your business remains compliant with the Corporate Transparency Act, we strongly recommend reviewing your current practices and understanding the obligations set forth by this legislation. Non-compliance can result in significant penalties, and it is crucial to take proactive steps to meet the reporting requirements.

Reporting companies created or registered on or after January 1, 2024 will have 90 days to file their initial beneficial ownership information (“BOI”) report. Such reporting companies should be organizing themselves to determine internally who will handle such reporting to avoid any penalties under the CTA. Reporting companies in existence prior to January 1, 2024 will have until January 1, 2025 to file their initial BOI report.

If you have any questions or concerns about how the Corporate Transparency Act may affect your business or if you require assistance in complying with the new requirements, please do not hesitate to contact us. We are available to discuss your specific situation and provide tailored solutions to ensure a smooth transition and compliance with the law.