Tick-Tock

We have posted previously about the reporting requirements of The Corporate Transparency Act (read more here), which was signed into law on January 1, 2021. Commencing January 1, 2024, existing and new corporate and related entities, if not exempt, must report information naming persons who hold a Beneficial Ownership Interest in the entity to the U.S. Financial Crimes Enforcement Network (FinCEN).

For entities existing prior to January 1, 2024, the deadline to report is December 31, 2024 – fewer than four months from now. It is possible that Congress or a court of law will take further action to modify, extend, or eliminate these reporting obligations, but as of this date, the law is in force.

The fines and penalties for failure to timely and accurately report are harsh: $500 per day and up to two years in prison. If you are unsure whether you are exempt from the reporting requirements, or you need assistance in reporting, you may schedule a paid consultation or engage our services by contacting Mary Martin at mmartin@wrightbeamer.com.