Thousands of businesses may not realize they are subject to a new reporting process mandated under the Corporate Transparency Act, which went into effect in January 2024. Those who fail to file by this deadline—or fail to update this information if needed—could face up to two years of imprisonment and fines up to $10,000, in addition to civil penalties of up to $591 per day. For most eligible businesses, the filing deadline is Jan. 1, 2025.
Thousands of businesses may not realize they are subject to a new reporting process mandated under the Corporate Transparency Act, which went into effect in January 2024. Those who fail to file by this deadline—or fail to update this information if needed—could face up to two years of imprisonment and fines up to $10,000, in addition to civil penalties of up to $591 per day. For most eligible businesses, the filing deadline is Jan. 1, 2025.