|As reported by CT Corporation, please note that on January 1, 2024, a new federal reporting requirement goes into effect that will require tens of millions of small businesses and corporate entities to file a Beneficial Ownership Information Report with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).
Every small business owner or organization with qualifying entities needs to understand this new reporting requirement and to determine whether it applies to their business. If this requirement does apply to your organization or your clients, now is the time to prepare to file. Non-compliance can result in severe penalties, including fines of up to $10,000 and even jail time.
We recommend you contact CT Corporation or visit its website at https://www.wolterskluwer.com/en/solutions/ct-corporation to learn more about this new requirement and how CT Corporation’s new Beneficial Ownership platform will help you confidently file your Beneficial Ownership Information Reports in 2024 and beyond. As a trusted compliance partner, CT Corporation stands ready to help you navigate this new requirement with an end-to-end solution that includes a “built-for-purpose” compliance platform and the capability to seamlessly handle all of your Beneficial Ownership filings.
Please contact Colleen Ferg Helmlinger at [email protected]
for further information and guidance.
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