The Corporate Transparency Act
Jan. 17, 2024
As of January 1, 2024, the US Department of Treasury Financial Crimes Enforcement Network will require companies to report information regarding their owners and individuals who have substantial control in corporations and LLCs. This law, "The Corporate Transparency Act", is now requiring this reporting mandate which is aimed at combating potential money laundering, tax evasion, and other illegal activities.
Clients will need to know whether they are to report under this new law or whether they have an applicable exemption. Laws for corporations and for LLCs often change and can sometimes be very complex and confusing for clients. Our office is available to assist in determining whether an entity is required to report and will advise clients to the proper reporting authorities and professional services companies that can explain the reporting obligations.
A client needs to know the deadlines for reporting, whether exemptions are applicable, and what the potential penalties for non-compliance may be. When opening an LLC, all legal aspects of that entity will need the appropriate guidance with an attorney.
The office of David Scillieri, Esq. is available Monday-Friday from 9:00 AM to 5:00 PM and can be reached by calling us.