Navigating the Corporate Transparency Act: Essential Guidance from Rogers Towers, Attorneys at Law
JACKSONVILLE, FLORIDA – Is your business ready for the Corporate Transparency Act (CTA)? The Act will usher in a new era of reporting obligations for companies operating in the U.S. Failing to meet these obligations could result in severe civil and criminal penalties for non-exempt companies. Rogers Towers, a law firm renowned for its expertise in business law, is poised to guide companies through the complexities of compliance with this transformative legislation.
Effective January 1, 2024, companies formed or operating in the United States will be subject to significant new reporting requirements under the CTA. Unless subject to one of the CTA’s 23 exemptions, business entities (each defined as a “reporting company”) will be required to file a report detailing information about the company, its current “beneficial owners” (the individual(s) who own at least 25% of and/or exercise substantial control over the entity), and its “company applicants” (the individual(s) who directed/executed the formation of the entity) with the U.S. Department of Treasury Financial Crimes Enforcement Network (“FinCEN”).
Reporting companies required to file a report include any corporation, limited liability company or other similar entity created or registered to do business in the United States. If you form a company on or after January 1, 2024, you will have ninety (90) days after the entity is formed to submit your beneficial ownership information report to FinCEN. If you currently own a company already formed or registered to do business in the United States, you will have until January 1, 2025, to submit your report to FinCEN. Finally, if there is any change to the information previously submitted to FinCEN, your reporting company must file an updated report within thirty (30) days after the change occurs.
These new reporting requirements will place a heavy burden on reporting companies and will impose stringent civil and criminal penalties for willful non-compliance and unauthorized disclosures (including up to $10,000 in fines and imprisonment for up to two years).
If you have questions regarding whether you or your company are required to submit a report with FinCEN or should you need assistance filing your report, contact the business attorneys at Rogers Towers. Our attorneys provide a full range of legal services across a variety of practice areas and industries, and our business transaction attorneys manage and counsel businesses from small to large on all areas of the law that may impact their business. We stand ready to provide counsel on reporting requirements and to assist in submissions to FinCEN.
Rogers Towers, P.A., founded in 1905, is a Florida law firm with offices in Jacksonville, Ponte Vedra Beach, St. Augustine, Amelia Island, and Fort Lauderdale. The firm provides legal services in the areas of Litigation; Corporate Law and Business Transactions; Construction Law; Real Estate Law; Tax Law; Healthcare Law; Intellectual Property and Technology Law; Government Law; Labor and Employment Law; Sports and Entertainment Law; Education Law; Estate, Trust and Elder Care Planning; and other Corporate and Personal Legal Services. www.rtlaw.com.