The Corporate Transparency Act came into effect on January 1, 2024. It requires, among other things, that all “beneficial owners” file a report with the Treasury disclosing ownership. The penalties are severe: $500 per day for each day of willful noncompliance (up to $10,000 per year). An attorney can help you navigate the filings and the new law.

The new Corporate Transparency Act creates filing requirements for nearly all small businesses.