On January 1, 2024, a sweeping new federal regulation impacting virtually every small business in America took effect

Designed to combat money laundering, the Corporate Transparency Act (“CTA”) has created a new reporting system requiring business owners to make initial and ongoing filings with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).

Companies must now navigate a complex set of requirements and keep a close eye on the filing clock if they want to avoid significant civil and criminal penalties and a two-year prison sentence. While companies formed before 2024 have until year end to make their initial filing, entities created after January 1st have only 90 days to do so. And updates are due in just 30 days.

Topics for this seminar will include:

• What is the purpose of the CTA?
• Who needs to file?
• What are the filing deadlines?
• What is a Beneficial Ownership Information Report (“BOIR”)?
• What must a BOIR contain?
• What are the penalties for non-compliance?

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