cORPORATE tRANsPARENCY aCT (cta)
What is the Corporate Transparency Act?
The Corporate Transparency Act (“CTA”) became effective on January 1, 2024. The new law requires businesses to report specific information regarding the business owners, officers and other members who hold substantial control within the entity.
We have you covered!
Compliance with federal regulations can be complicated and time consuming. Tax Filings LLC understands the legal requirements of the CTA and is available to assist with the registration process for a flat fee. Contact our office at 918-965-0099 for any questions regarding this requirement or book your appointment now!
How does it affect you?
This new reporting requirement affects new businesses started this year as well as businesses that were established prior to January 1, 2024, with few exceptions. If you fail to report this information properly within the allotted time you are subject to face a fine of $500 per day (up to $10,000) and potential imprisonment. More information on this reporting requirement can be found at United States Department of the Treasury Financial Crimes Enforcement Network | FinCEN.gov
