Effective January 1, 2024, CTA Reporting Requirements Will Require Information About Company Ownership

Published: November 10, 2023

(Orlando, FL) In the article “The Corporate Transparency Act: What You Need to Know” Dean Mead attorneys Stephen R. Looney and Christopher R. D’Amico detail the January 1, 2024 information requirements “Reporting Companies” in the United States will be required to report. These companies will be required to file “Beneficial Ownership Information Reports” with the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.

Shared by the authors, “Inadvertent failure to file the report results in daily fines of ‘not more than $500’ for each day that the violation persists after the due date. Willful failure to file the report results in a fine of ‘not more than $10,000’ and/or imprisonment for ‘not more than 2 years,’ with enhanced penalties when the failure is combined with other illegal activity.”

To learn more about the reporting requirements visit: https://bit.ly/3SvWBLj.