Corporate Transparency Act
As of January 1, 2024, the Corporate Transparency Act took effect, requiring any non-exempt business entity to register and file a report with the Financial Crimes Enforcement Network, a branch of the U.S. Treasury. “Beneficial Owners” have a limited time frame to report to FinCEN after entity creation. The report is designed to provide certain information to the federal government regarding the beneficial ownership of most every business entity that operates across the United States. Filing exemptions are limited and can be found at the following link: Beneficial Ownership Information | FinCEN.gov.
If your entity is not exempt and your entity was created:
- Prior to 2024, there is a filing deadline of December 31, 2024.
- During 2024, there is a 90 day window to file from the date of creation.
- In 2025 or later, there is a 30 day window to file from the date of creation.
Further, and extremely important to note, if your entity was created prior to 2024 but DISSOLVED at any point during 2024, there remains a filing obligation during the 2024 calendar year! While it is unclear at this point how the government will enforce the law, there is a $500/per day civil penalty, capped at $10,000 for failure to file, as well as a potential criminal penalty of $500/day with no maximum, and even prison time.
Whether or not you are in agreement with this particular law, the obligation to file is real and immediate. It is expected that over 900,000 businesses in Illinois alone have a filing requirement pursuant to the new law. My interest is to see that every business I represent, and even other business owners that you may know and want to share this with, meet regulatory compliance requirements to avoid any potential problems.
Should you wish to retain my services to handle the registration and file the report, I have designed a straightforward procedure to ease the process and allow me to handle your filing. However, I must receive the engagement letter and requested information on or before November 15, 2024, to insure timely filing at my current rate (set forth in the correspondence). Rates are subject to change thereafter due to the increased time pressure of meeting the deadline.
Please click the link below and follow the instructions in order to proceed.
1229 Green Bay Road, Wilmette, IL 60091 | Tel (312) 925-2578
Disclaimer: The information obtained through this site is not intended to be legal or tax advice. Feel free to reach out to us, however, such communication does not constitute an attorney-client relationship until such time as a formal engagement has been created.