New Corporate Transparency Act Could Cost Your LLC or C-Corp $500 Per Day in 2024 Breaking News! The Corporate Transparency Act (or "CTA") will cost you $500 per day—and up to two years in prison—if you own a US company and violate the new rules. This federal law came into effect on January 1, 2024 and requires companies that are registered to do business in the United States to disclose information about their beneficial owners. There are some limited exceptions, but if you have an LLC, C-corp, limited partnership or similar entity doing business in the United States, the new law applies to you. Congress passed the CTA to combat money laundering, terrorist financing, corruption, and tax fraud in the United States. In short, you need to provide identifying information about the corporate entity and its owners to the U.S. Treasury's Financial Crimes Enforcement Network (or "FinCEN"). If you formed your U.S. company before January 1, 2024, then you have until January 1, 2025 to meet the reporting requirements. However, if you establish your U.S. company in 2024, you have only 90 days to provide your beneficial ownership information. The information you provide will not be publicly available on any database, but the U.S. government will have it, of course. Finally, please note: If you willfully fail to file, you will be required to pay a fine of $500 per day up to $10,000 and/or spend two years in prison. I’m Joseph Bovino, US immigration and business attorney serving clients worldwide. If you'd like assistance in complying with the CTA or establishing a new company in the United States, use the link in my bio to schedule a consultation. And follow for more. #corporatetransparencyact #cta #businesslawyer #immigrationlawyer #llc #fyp