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Beginning January 1, 2024, your company may be required to report information about their beneficial owners – the persons who ultimately own or control the company – to the U.S. Department of Treasury’s Financial Crimes Enforcement Network, or FinCEN.

The Corporate Transparency Act (CTA) was enacted into Law in 2021 as part of the National Defense Authorization Act for Fiscal Year 2021. The CTA is intended to assist law enforcement in combating money laundering, tax fraud, financing of terrorism, and other illicit activity through anonymous shell and front companies. Beginning January 1, 2024, the CTA will require certain business entities to:

  • Report certain Beneficial Ownership Information and Company Applicants to FinCEN
  • Disclose information about who created the entity or registered it with the Secretary of State
  • Report any changes to previously reported information within the specified time period

All businesses should determine their reporting responsibilities because failure to report required information can result in severe civil and criminal penalties, including fines up to $10,000- and two years’ imprisonment, as enforced by FinCEN. 

If you own a business and are registered with Secretary of State, please visit the FinCEN website for beneficial ownership requirements.

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