UPDATED – Corporate Transparency Act 2024

UPDATED – On December 3, 2024, a federal court in Texas ruled that the CTA is likely unconstitutional and prohibited its enforcement. As of this ruling, companies are no longer required to report by the end of the year.

This may changed based on the government’s next steps. We will keep you apprised.

 

The Corporate Transparency Act goes into Effect on December 31, 2024.

Have you filed your Beneficial Ownership Information report?  Congress announced this requirement a few years ago and the deadline for compliance is January 1, 2025. A few hurricane-impacted areas have a short reprieve but the requirement is not going away.

Companies, LLCs, partnerships, C Corps and S Corps will face fines of more than $500 per day for non-compliance. More than 32 million companies are required to report this information.

Berkowitz Pollack Brant can help. We’ve established a process to securely collect your data, complete and file the required forms. Your information will be protected using our secure Box file.

Allowing us to assist will require an addendum engagement letter and your completion of a checklist of information. Our streamlined process is available for a flat fee, with a discounted rate for more than 10 entities. Each entity is required to complete the Beneficial Ownership Information Form.

If you are behind schedule and need our assistance, email CTAFiling@bpbcpa.com to get the process started.

Your next steps:

For more information, you can read about the CTA here, watch a short video here or listen to a podcast episode here.