Important update on the recent changes in reporting requirements under the Corporate Transparency Act (CTA) that could impact your business operations.

Starting January 1, 2024, the CTA mandates certain entities to disclose beneficial ownership information (BOI) as part of efforts to combat financial crimes such as money laundering and terrorism financing. The CTA, enacted as part of the National Defense Act for Fiscal Year 2021, aims to enhance transparency in corporate ownership.

Entities required to comply: Both domestic and foreign entities, including corporations and LLCs, may be subject to the CTA's reporting requirements.

Risk of non-compliance: Failure to comply with the BOI reporting requirement can lead to significant penalties, including criminal and civil penalties.

If you are an owner of an LLC or a corporation, please reach out to out to Jolie at jolie@robertpalmerandassociates.com so that Robert Palmer & Associates can help your company stay compliant.