CTA Q&A: As the Reporting Clock Ticks, Companies Face a Race Against Time
Nearly 33 million U.S.-based business entities are obligated to file beneficial ownership reports with FinCEN under the Corporate Transparency Act (CTA). But as of this summer, only a fraction — fewer than 10% — had filed, Treasury Secretary Janet Yellen said in July congressional testimony. Companies created before the beginning of 2024 have just three months left to file their initial reports, and the penalties for wilful failure to file or update reports include daily fines and even jail time.
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