Corporate Transparency Act - Getting Started
Enacted to combat the misuse of anonymous shell companies in illicit activities, the Corporate Transparency Act (CTA) represents a pivotal shift in U.S. corporate reporting regulations. Effective from January 1, 2024, this legislation mandates that certain entities disclose their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.
Under the CTA, failure to report accurate beneficial ownership information or the provision of false information can lead to significant penalties. Civil penalties can accrue up to $500 per day of non-compliance, while criminal penalties may include fines up to $10,000 and imprisonment for up to two years. Senior officers of non-compliant entities can also face accountability for reporting failures.
Please complete the following information for all Beneficial Owners. A Beneficial Owner includes: Senior Officer(s), those with authority to appoint or remove certain officers, important decision-makers, anyone with any other form of substantial control over the reporting company or Owns or controls at least 25% of the ownership interest of the reporting company. For more detail on who is a Beneficial Owner click here or email us at Corporate@Thakurlawfirm.com.