Clyde Snow

What You Need to Know About the Corporate Transparency Act – Effective January 1, 2024.

by | Dec 18, 2023

The Corporate Transparency Act (31 U.S.C. §5336) will go into effect beginning January 1, 2024, and will establish new reporting requirements for business entities. Failure to adhere to these reporting requirements may result in penalties. This Act was enacted in 2021 to enhance corporate ownership transparency and combat illicit financial transactions. The Treasury Department’s Financial Crime Enforcement Network (FinCEN) will collect information about ownership of corporations and entities through various reporting requirements.

Beginning January 1, 2024, corporations, limited partnerships, and LLCs formed before January 1, 2024, will have one year to file beneficial ownership reports to FinCEN. Any business formed after January 1, 2024, will have 90 days to file notice. Businesses must report information about the business, its beneficial owners, and company applicants.

Failure to file before the deadline will have penalties, including fines of up to $500 per day (up to $10,000 total) and up to two years imprisonment.

After the initial report, if a change of ownership or other changes occur, updates must be reported. Failure to do so will result in the penalties mentioned above.

For more information, please reference FinCEN at www.fincen.gov/boi-faqs; you may also contact our offices to speak to one of our business attorneys to help guide you on these upcoming changes. They may also advise you on any exceptions you may qualify for and help you with any updates you need to make with your business.

If you want to learn more about The Corporate Transparency Act, don’t hesitate to contact our office at 801-322-2516.

Sign up for our latest updates.


Recent Posts

Ripple Effect Rewind! – Silver-Buckshot

This week we are revisiting an earlier episode that is still highly relevant to today's water discussion. We are looking back on episode 43: Silver-Buckshot.Jesse Clark of Stream Landscape Architecture and Planning talks us through his many projects and the...

Ripple Effect Rewind! – River City

This week we are revisiting an earlier episode that is still highly relevant to today's water discussion. We are looking back on episode 21: River City.Soren Simonsen, Executive Director of the Jordan River Commission, discusses the importance of vibrant urban...

Ripple Effect 161: Maven’s Notebook

Chris Austin, publisher of Maven’s Notebook, walks us through her EXCELLENT website covering all things California water news. Maven’s Notebook is brimming with timely and comprehensive information on a number of hot topics. Chris discusses collaboration as both the...

Ripple Effect 160: Great Salt Lake Issues Forum

Lynn de Freitas, Executive Director of Friends of Great Salt Lake, joins us to discuss their 2024 Great Salt Lake Issues Forum – "Great Salt Lake: To Preserve and Protect in Perpetuity, How are We Doing?" A great conversation about how to gauge progress on the Lake...

Ripple Effect 159: Solar Panels Over Canals

Jon Parry, Assistant Manager for Weber Basin Water Conservancy District, joins us to discuss the many benefits of their solar panel demonstration project over the Layton Canal. This project is so cool on so many levels and has some serious potential for scalability...

Ripple Effect 158: HDH Desalination Technology

Christopher Link, Founder, joins us to discuss his HDH Desalination Technology and his HALO Team’s participation in Elon Musk’s X-Prize Competition. Do not miss this conversation! So many interesting and innovative ideas occurring about how to incentivize useful water...

Related Posts