If you own a business with less than 20 employees that was formed before 2024, you will likely have to register your entity (and its owners, managers, and leadership) with the Department of the Treasury by the end of the year. Otherwise, you could be at risk for civil fines and federal criminal penalties.
The Corporate Transparency Act, passed in 2021, imposes new reporting requirements on many small businesses and business owners. Unless small businesses meet certain statutory exemptions, most entities will need to register their leadership with the Financial Crimes Enforcement Network. Attendees will learn how these new requirements will likely impact small businesses and what steps they can take to help prevent criminal and civil liability.
For instance, if a person owns an LLC into which they put a rental home, then they will probably need to register their business and document any changes in management and ownership with the Treasury. Otherwise, they are at risk of incurring the penalties above.
After January 1st, 2025, the Answer will be Yes for Many
