Small Business Owners Must Start Reporting To FinCen or Face Fines/Jail Time. Starting 01/01/2021

The Corporate Transparency Act, or CTA, goes into effect on January 1st, 2024.  It requires “beneficial owners” of “new” (formed on 1/1/2024 or after) “small businesses” (less than 500 employees and US-revenue under $5M) to report the personal information to the Financial Crimes Enforcement Division of the Department of Treasury, or FinCEN, within 90 days of forming a new company.

Please read the full article about Fincen

https://www.l4sb.com/blog/starting-1-1-2024-small-business-owners-must-start-reporting-to-fincen-or-face-fines/