Wool Landon


New Reporting Requirements For Most Small Entities Began January 1, 2024

There is a new regulation under the federal Corporate Transparency Act (“CTA”) that, for the first time, will require disclosure of information about all corporations, limited liability companies and limited partnerships and personal information about their beneficial owners as well as personal information about the persons who form those entities. This requirement took effect on January 1, 2024.

If you have an active small entity, your entity is required to take action. Wool Landon is ready to help you determine your duties and requirements under this new regulation. Please contact us for assistance.

Failure to report the required information or providing false or fraudulent information is unlawful. Willful violations can result in civil penalties of up to $500/day for any violation that has not been remedied and criminal penalties of up to $10,000 and/or two years of prison. FinCEN has set forth regulations about who may access the information provided, and how recipients may use the information.

The online reporting platform is now up and running, we recommend that you contact us and schedule a brief consultation so we can assist with the determination and filings for your LLC.

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