Newsletter
Corporate Transparency Act: Beneficial Owner Information Reporting
By Alex Gillen
December 2, 2024
The Corporate Transparency Act (CTA) is a federal law passed in 2021 aimed to impede money laundering.1 The bill was passed as part of the larger Defense Authoriation Act of 2021.2 The CTA became effective on January 1, 2024 and requires reporting of most businesses and business owners by January 1, 2025.
Willfully failing to report or reporting false information carries both civil and criminal penalties. Penalities include fines up to $500 per day and imprisonment, or both.
If you have any questions, please do not hesitate to contact us.
1. See https://www.fincen.gov/sites/default/files/shared/Corporate_Transparency_Act.pdf
2. See https://www.congress.gov/congressional-report/116th-congress/house-report/617/1
