(316) 729-0100 7570 W. 21st St. Bldg 1026 - Ste. A Wichita, KS 67205 Make Your Payment Here McCafferty Acquisition 2022

Corporate Transparency Act

What is the Corporate Transparency Act? 

Effective January 1, 2024, the Corporate Transparency Act (CTA) enacted stringent regulatory requirements, that will impact most LLCs, corporations, limited partnerships, and other closely held entities. The CTA is intended to provide law enforcement with beneficial ownership information to detect, prevent, and punish terrorism, money laundering, and other misconduct through business entities.

Does my Business need to Report? 

YES, most businesses do need to report. It is estimated that over 33 million businesses will be impacted by this and yours is likely one. However, we will want to evaluate your business to see if any of the exemptions apply, and if not, then we will assist you in getting compliant with the Corporate Transparency Act.

When does my Business need to Report? 

  • Existing companies created before January 1, 2024, have until January 1, 2025, to file their report.
  • Companies created or registered on or after January 1, 2024, and before January 1, 2025, have 90 calendar days from receipt of notice that its creation or registration is effective, to file their report.
  • Companies created or registered on or after January 1, 2025, will have 30 calendar days from receipt of notice that its creation or registration is effective, to file their report.
  • Companies making updates to previously submitted reports will have 30 calendar days to file their updated report.

What happens if my Business does not Report?

  • Civil penalties are up to $500/day if a violation continues.
  • Criminal penalties include a $10,000 fine and/or up to two years of imprisonment.

How can Larson, Brown & Ebert help? 

We understand the importance of this matter and encourage you to take proactive steps to ensure compliance, as failing to meet deadlines could result in significant penalties. Thousands of businesses will be making appointments to address this issue. Larson, Brown, & Ebert, PA is ready to assist you, giving you peace of mind that your business is compliant with new regulations. Call us at (316) 729-0100 to schedule an appointment with one of our CTA specialists.

Learn More – https://www.fincen.gov/boi

We Care.  We Listen.  We Counsel.

Back To Top