Small-business owners must comply with the Corporate Transparency Act by Jan. 13, 2024, or face penalties of $591 per day, imprisonment up to two years, and fines of $10,000. The act combats financial crimes by requiring ownership reporting. Initially delayed by a legal injunction, the deadline was reinstated by the 5th Circuit Court to safeguard national security and financial integrity.
Small-business owners must comply with the Corporate Transparency Act by Jan. 13, 2024, or face penalties of $591 per day, imprisonment up to two years, and fines of $10,000. The act combats financial crimes by requiring ownership reporting. Initially delayed by a legal injunction, the deadline was reinstated by the 5th Circuit Court to safeguard national security and financial integrity.