In 2021, Congress brought the Corporate Transparency Act into law. Failure to comply with the Corporate Transparency Act by not reporting or by providing false information can literally cost you or your company $500 dollars a day in civil penalties as well as potential criminal penalties of $10,000 and/or up to two years of imprisonment. This act is all about introducing a requirement for reporting beneficial ownership information. It’s part of the U.S. government’s larger plan to prevent bad actors from using shell companies or hidden ownership structures to enjoy the benefits of their illegal activities.
Starting January 1, 2024, a lot of U.S. companies will need to disclose information about their beneficial owners – these are the people who really own or have control over the company. This info must be sent to the Financial Crimes Enforcement Network (FinCEN), which is part of the U.S. Department of the Treasury.
We help your business, or you, comply.
So, who needs to report? Your company could fall into this category if it’s a corporation, an LLC, or similar entity formed in the U.S. by filing with a secretary of state or a comparable office. The same goes for foreign companies registered to do business in any U.S. state or with Indian tribes.
But not everyone has to report. There are 23 types of entities that don’t need to worry about this. This includes publicly traded companies, nonprofits, and certain large operating companies
As for how to report, we do it for you.
