How do Businesses get Ready for the Upcoming Corporate Transparency Act?
Passed by Congress on January 1, 2021, and set to take effect on January 1, 2024, the Corporate Transparency Act (CTA) is set to dramatically change reporting requirements for many small and medium-sized businesses.
For the first time ever, legislation will mandate that qualifying businesses self-report "Beneficial Owner" information to a massive federal database. This information includes names and other identifiable information about certain people who create, own, lead, or have influence over the business as well as information about the business itself. The CTA includes many categories of "beneficial ownership" beyond those who simply own the company's equity.
Failure for qualifying businesses to comply can lead to civil penalties and criminal charges including jail time. Now is the time for businesses to seek counsel to become familiar with the regulations and to prepare themselves for the flood of reporting requirements ahead.
Join us for our next 2nd Wednesday which will feature business and real estate attorney, Rob Hamor, as he discusses:
- Key rules of the CTA;
- Types of businesses and companies that are exempt;
- Strategies for complying with the CTA;
- Potential civil and criminal violations for noncompliance.
When: March 8, 2023 from 12:00-12:30 pm
Registration: https://bit.ly/2ndWeds2023
If you have any questions in the meantime, please visit our Corporate Transparency Act Resource Page.
