By: Antonio Valla
The Corporate Transparency Act (“CTA”) will come into practical effect as of January 1, 2024. The CTA is federal legislation that applies to companies formed in any US state or territory and that, for the first time ever, will require federal registration and disclosure of a covered company’s ultimate beneficial owners. Covered companies formed starting on January 1, 2024, will need to register and disclose within 30 days after formation. Existing covered companies will need to register and disclose on or before the end of 2024. Penalties for non-compliance or late registration are very substantial: $500 per day up to $10,000, plus possible imprisonment for up to two years. We are available to support you in registering with the US Treasury Department under the CTA.
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We at Valla & Associates will continue closely to monitor developments on the subject and will continue to advise our clients on this matter. Feel free to contact us if you need any assistance or advice.
Requests for information or insights on the issue discussed in this article may be addressed to antonio.valla@vallalaw.com. This article is for information purposes only and does not constitute legal advice. The information contained herein may be outdated or incomplete and shall in no way be taken as an indication of future results. The transmission of this article is not intended to create, nor does its receipt constitute, an attorney-client relationship between preparer and reader. You should not act on the information contained in this article without first seeking the advice of an attorney.