Business Attorney | Advises businesses & investors on M&A, restructurings & governance matters, and connects leaders to opportunities | Hosts private financial industry networking events | Business Mediator
𝗥𝗘𝗠𝗜𝗡𝗗𝗘𝗥 -- 𝗗𝗲𝗰𝗲𝗺𝗯𝗲𝗿 𝟯𝟭, 𝟮𝟬𝟮𝟰 𝗶𝘀 𝘁𝗵𝗲 𝗱𝗲𝗮𝗱𝗹𝗶𝗻𝗲 for businesses formed prior to 1/1/24 to comply with the new disclosure requirements under the Corporate Transparency Act (CTA), which went into effect January 1st of this year. In sum, US businesses must report information about their beneficial owners—the individuals who ultimately own or control the company—to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury unless they fall within one of the exceptions. Most small businesses will not fall under the exceptions. It is a relatively simple process to comply with the CTA but can cost approximately $500 per day in fines for failing to report (and has criminal penalties for intentionally providing false or misleading information). Make sure you and your corporate legal adviser are familiar with the requirements and meet the new reporting requirements before year-end. For more information, please see the Client Alert from Raines Feldman Littrell LLP below. Thank you to my colleague David Madden for keeping our team apprised of the CTA requirements. Avoid the year-end rush, and get it done now. #CorporateTransparencyAct #ComplianceUpdate #SmallBusiness
Client Alert: Millions of U.S. Businesses Face New 2024 Year-End Reporting Deadlines Under the Corporate Transparency Act Over 30 million U.S. businesses face unprecedented new 2024 year-end reporting requirements under the Corporate Transparency Act, which went into effect January 1 of this year. Check out our latest client alert for more details. https://lnkd.in/gjSssgJU
