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; 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 151: Discover Ag. Podcast

Tara Vander Dussen, Co-Host of the Discover Ag. Podcast, joins us for a lively and informative discussion about agricultural news and information. We dive into the presence and impact of social media, themes and trends, and why the new “food curious” movement is...

Ripple Effect 150: Colorado River Authority of Utah

Amy Haas, Executive Director of the Colorado River Authority of Utah, talks us through the inception of the entity, how it executes its mission to protect and defend Utah’s portion of the Colorado River, and where the Authority is leading out in tackling hard...

Ripple Effect 149: Watershed Improvements for Carbon Credits

Alex Johnson, Chief Strategic Officer for Virridy, walks us through this Company’s unique, and very innovative, platform to merge monitoring water quality improvements with selling carbon credits on the voluntary carbon market. Hint – treating water is energy...

Ripple Effect 148: Scaling Up! H2O – from Host to Guest!

In this very special episode, Emily joins the podcast not as a host, but as a guest! Join us as our beloved host Emily Lewis takes the spotlight on an entirely separate water podcast - 'Scaling Up! H2O.' Here's your chance to get personal with our host....

Ripple Effect 147: Snow Report 2023-2024

Jordan Clayton, Supervisor for the Utah Snow Survey at NRCS, joins us to discuss the status of Utah’s snow year and our water supply. Good news – after a slow start, the State is overall at 102% of normal. Bad news – we have a long way to go in the water year and we...

Ripple Effect 146: 2024 Legislative Preview!

Jeff Gittins joins us to discuss upcoming bills for the 2024 Legislative Sessions. A couple key bills, notes, and lots of follow-up tweaks for the last couple years of policy. As always, a great discussion; and check-out Jeff’s Utah Water Law and Water Rights blog.

Ripple Effect 145: 2024 Water Preview: Its Going to be Awesome!

Shaina Shay, Owner and Editor of The Water Report, shares her insights as to what will be big in 2024! PFAS, the Energy Water Nexus, Colorado River, Technology, and Aging Infrastructure all make an appearance. Shaina always brings thoughtful commentary and a unique...

Related Posts