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Business Owners, CTA Deadline is Approaching. Are You Ready?
Not sure? Contact us right away!
Beginning January 1, 2024, the Corporate Transparency Act will require most entities formed or registered in the United States to provide detailed information about their beneficial owners, that is, the people who own or control the company, to the U.S. Financial Crimes Enforcement Network (FinCEN).
What happens if a business owners fails to report beneficial ownership information to FinCEN or fails to update or correct the information in a timely manner?
There are both civil and criminal penalties for individuals who intentionally provide false information or fail to report complete or up-to-date beneficial ownership information to FinCEN. Penalties for noncompliance are strict and include fines of $500 per day, per entity, and up to two years in prison.
Learn more about how to protect yourself from costly fines or even jail time for missing the deadline of this new federal law. Click here to schedule a 10-minute discover call today!