09/05/2024
The Corporate Transparency Act (the “Act”) came into effect on January 1, 2024, and imposes new federal reporting requirements on many businesses operating in the U.S. to disclose certain information about a company’s beneficial owners and those individuals who file corporate paperwork on a company’s behalf. All businesses which were in existence prior to January 1, 2024, are required to file their initial Beneficial Ownership Information Report by December 31, 2024, to avoid penalties of $500 per day or possible jail time. New businesses formed in 2024 are required to file their initial Beneficial Ownership Information Report within 90 days of formation.
With the filing deadline quickly approaching, B&R Partners Jon F. Watson and Nicholas P. Crivella encourage you to visit https://bagleyrhody.com/cta/ to determine whether your business is required to file under the Act and, if so, complete our client intake form to the extent you would like for B&R to assist you with any such filing obligation(s).
