Upcoming Deadline for Beneficial Ownership Information Reports Under the Corporate Transparency Act (CTA)
Effective January 1, 2024, the Corporate Transparency Act (the “Act”) requires many U.S. businesses to disclose information regarding their beneficial owners. Failure to comply with the Act can result in significant civil and criminal penalties, including fines of up to $500 per day and imprisonment for up to two years.
Entities in existence before January 1, 2024, must file their Beneficial Ownership Information (BOI) Reports with the Financial Crimes Enforcement Network (FinCEN) no later than December 31, 2024.
