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Corporate Transparency Act
What You Need To Know
Understanding the
Corporate Transparency Act (CTA)
Key Compliance Requirements for Small Businesses in 2024
The Corporate Transparency Act (CTA), effective January 1, 2024, aims to combat financial crimes.
Administered by the Financial Crimes Enforcement Network (FinCEN) to address money laundering and terrorist financing, the law requires businesses with less than $5 million in revenue to disclose their beneficial owners.
This new federal requirement enhances transparency and accountability for businesses.
What Happens If You Don’t Comply?
Severe penalties: Huge fines and possible prison time.
Civil Fines
Up to $500 per day on non-compliance
Criminal Penalties
Up to 2 years in prison and fines of $10,0000
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