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Corporate Transparency Act (CTA) Resource Center

DBL is here to guide you through the Corporate Transparency Act

0
Small Businesses in the United States
$ 0
Maximum Fine for Failure to Comply
0 months
Maximum Prison Sentence

What is the Corporate Transparency Act?

On January 1, 2024 the CTA went into effect to enhance corporate transparency and combat financial crime. It imposes mandatory obligations on certain companies operating in the United States, including most small businesses. A wide range of companies are now required to provide personal information about their beneficial owners to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).

Is your entity a "reporting company"?

A “Reporting Company” is any corporation, LLC, or other legal entity formed under U.S. law, and any foreign legal entity registered to conduct business in the U.S., by filing a document with a state or tribal government office.

Get Started Reporting Today

Does your entity meet any of the exemptions?

There are 23 types of exempt entities, most of which fall into the following categories:

A large operating company

Certain entities already subject to significant U.S. government regulation

An inactive entity

Subsidiaries of certain exempt entities under the CTA

Exempt entities are required to certify to FinCEN that they are exempt from the reporting requirements of the CTA.

WHAT INFORMATION WILL YOU NEED TO PROVIDE TO FinCEN?

The Corporate Transparency Act requires Reporting Companies to disclose their “beneficial owners” to the Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”).

FinCen seal

Beneficial Ownership Reporting FAQs

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Beneficial Ownership Reporting

FinCen seal

CTA Small Entity Compliance Guide

With certain exceptions, a “beneficial owner” is anyone who owns or controls a 25% or greater ownership interest in, or exercises “substantial control” over, the Reporting Company.

For entities formed on or after January 1, 2024, information about the “Company Applicants” (e.g., individuals who directed or controlled the filing of the document that created or registered the Reporting Company).

WHEN IS THE FILING DEADLINE?

Existing entities formed before January 1, 2024:

Before January 1, 2025

Learn More

New entities formed or registered from January 1, 2024 -December 31, 2024:

Within 90 days of formation

Learn More

New entities created or registered on or after January 1, 2025:

Within 30 days of formation

Learn More

Amendments:

Within 30 days of of any information change

Learn More

Existing entities formed before January 1, 2024 must file within:

Days
Hours
Minutes
Seconds
The deadline has passed. The end of the filing deadline was December 31, 2024.

Failure to comply will result in a $500 per day ($10,000 maximum) fine and a maximum of 2 years in prison.

TO LEARN MORE ABOUT HOW DBL CAN HELP YOU,
CONTACT ONE OF OUR EXPERIENCED ATTORNEYS:

Wright Lewis

WRIGHT LEWIS

Partner

Thomas Dunlap

THOMAS DUNLAP

Partner

Bernard Goodman

BERNARD GOODMAN

Partner

Dubs Herschlip

DUBS HERSCHLIP

Partner

David Ludwig

DAVID LUDWIG

Partner

Roy Morris

ROY MORRIS

Partner

RECENT INSIGHTS

RELATED RESOURCES

Court Finds Corporate Transparency Act Unconstitutional

24/03/24

How to comply with the Corporate Transparency Act

27/02/24

An Overview Of The Corporate Transparency Act

20/02/24
See more >

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