How Will the CTA Affect Your Business?
The Corporate Transparency Act (“CTA”) was enacted as part of the National Defense Authorization Act for Fiscal Year 2021 and became effective on January 1, 2024. It is intended to combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity.
This Act will impact many small and medium sized businesses as many for-profit companies such as corporations, and limited liability companies will be required to report their business information to a national database.
Reporting companies are responsible for the accuracy of this information and can face severe criminal and civil penalties for reporting violations (false reporting or failing to report) including heavy fines, imprisonment or both.
So what happens now? Join us for our first 2nd Wednesday session of 2024:
- When: February 14, from 12:00-12:30 pm
- Registration: https://bit.ly/2ndWeds2024
This session will feature moderator Rob Hamor along with fellow attorney, Nick Stock, as they analyze and explore central aspects about the CTA and how it may affect you including:
- Who the CTA applies to, which businesses must report?
- Who is exempt?
- What information must be filed?
- When does the information need to be reported?
- What are the consequences for noncompliance?
- How our team can help you?
