Ensure Your Compliance with the Corporate Transparency Act (CTA)
The Corporate Transparency Act (CTA) has introduced critical new reporting requirements for LLCs, corporations, and similar entities. Under the CTA, any entity with direct or “indirect” (up-the-chain) beneficial ownership of more than 25%, or those with control over the entity, must disclose this information to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.
Failure to comply with these requirements can lead to severe consequences, including civil penalties of up to $500 per day for violations and criminal penalties of up to $10,000 or imprisonment for up to two years. If you’re a senior officer of an entity that fails to file the required Beneficial Ownership Information (BOI) report, you could be held accountable for the non-compliance.
Providing false or fraudulent ownership information is also a serious offense. This includes submitting false identifying documents for individuals listed in the BOI report. Even if you cause your company to file incomplete or incorrect BOI reports, you could face civil or criminal penalties.
Need Help Filing Your Beneficial Ownership Information?
The CTA’s new rules are complex and could expose your business to significant liability if not handled properly. As a business attorney based in Miami, Florida, I can help you ensure full compliance with the CTA’s filing requirements, preventing unnecessary penalties and safeguarding your business’s reputation.
If you need assistance with the BOI filing process or have any questions about your entity’s compliance obligations, click on this link to contact us. We’re here to make sure you’re covered, whether you’re a corporation, LLC, or any other entity subject to the CTA.
Let us help you navigate these requirements and avoid the risks of non-compliance.
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