In an effort to curb money laundering and illegal activities, the newly enacted Corporate Transparency Act creates an additional filing requirement for all Limited Liability Companies, corporations, and other entities (with exceptions). This filing will include identifying information for all direct and indirect owners of these entities. Failure to file will result in civil and criminal penalties. When your filing is due is dependent on when your entity was created. Filings for all entities created before 2023 will be due by January 1, 2025. Filings for all entities created after January 1, 2024 will be due within 30 days of the date the entity is created. If you have any ownership interest in an LLC, Corporation, or other entity, be sure to speak with an attorney for more information as to how this law will affect you.
-Emily A. Helmick, Esq.