The Corporate Transparency Act will require most privately held companies to report identifying information about their beneficial owners to the Financial Crimes Enforcement Network (“FinCEN”) of the United States Department of Treasury.Companies already in existence before January 1, 2024, will have until January 1, 2025, to report. Companies formed on or after January 1, 2024, and before January 1, 2025, will have 90 days after formation to report. There are significant potential civil and criminal penalties for non-compliance.For more information, please see our article about the Corporate Transparency Act or visit FinCEN’s website here.Stokes Lawrence, P.S., is working on providing further information to our existing clients. Please contact us if you have questions.
