The Corporate Transparency Act: What is it & how do I comply?

Did you know – the new Corporate Transparency Act applies to most businesses, and it can be extremely costly if you do not file (or file incorrectly)? And since no formal efforts have been made to notify business owners about this new Act, over 80% of people are not even aware that it is a requirement!

Join Reynolds Law, LLC to learn about the Corporate Transparency Act and how it affects you and your business. Reynolds Law will be educating you on new requirements under the CTA and make sure you know how to comply to protect the business from severe penalties. This applies to virtually ALL small business with very few exceptions!

 
What is it?

In 2021 Congress passed the Corporate Transparency Act, which introduced new filing requirements for most small businesses. These new filing requirements began this year, and compliance is mandatory for nearly all small businesses.

 
Who must file?

Both domestic and foreign reporting companies are required to file reports. A company is considered a reporting company if a document was filed with the secretary of state (SOS) or similar office to register the entity. Corporations (including S corporations), LLCs, and other entities formed through the SOS are subject to the reporting requirements.

Penalties

Failure to comply with filing requirements or submitting incorrect or incomplete information may result in financial fines of $500 per day, and/or imprisonment for up to three years.

If you happened to file for a new entity in 2024, you have 90 days to comply. Reach out directly to david@colereynoldslaw.com if you fall into that category. If you were formed prior to 2024, you have until the end of the year to file.