This is your unique opportunity to tell the federal government your thoughts on the Corporate Transparency Act (“CTA”).
As you know, I’ve been concerned about the CTA and its effects on our small business community. The CTA was enacted to collect information on owners of corporations, LLCs, and other entities to curb illegal activities such as money laundering, tax fraud, human and drug trafficking, financing terrorism and other serious crimes by collecting personal information on business owners. The CTA’s broad reach will affect many companies and individuals, far beyond those engaged in illegal activity.
Starting January 1, 2024, new owners and filers of LLCs and corporations will be required to file into a new federal database within 30 days of inception. Penalties can be as much as $500 per day for non-compliance.
If you are planning to start a new business or new subsidiary company in 2024, this will affect you. There is a proposal to increase the 30-day deadline to 90 days.
Your voice matters: Make your comments into the federal register by the October 30, 2023, deadline to support the 90-day extension.
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