Congress has passed the Corporate Transparency Act (“CTA”) in an effort to prevent and combat financial crimes, including money laundering, tax fraud, and terrorist financing.
The CTA requires that, businesses must report information about the individuals who own or control them by December 31, 2024. Any newly formed businesses must do the same within 90 days of being registered with the state.
The penalties for failing to comply with the CTA can be quite significant so we are urging our clients to not ignore this responsibility.
If you would like further information about the CTA or need assistance in complying with the law please contact us.