The Corporate Transparency Act: What Spokane Business Owners Need to Know
The Corporate Transparency Act (CTA) is a new federal law aimed at combating money laundering, terrorism financing, and other illicit activities. Under the CTA, many Spokane businesses are now required to disclose detailed information about their “beneficial owners” – the individuals who own or control the company. This requirement adds a layer of transparency to business operations, but it also means companies need to stay vigilant to comply with the new regulations.
Who Needs to Report and When?
Not all businesses are subject to this new reporting requirement. The CTA mainly targets smaller companies, including corporations, LLCs, and similar entities that are often used to hide ownership and facilitate illegal activities. However, some businesses, such as publicly traded companies, nonprofits, and certain regulated entities, are exempt.
For new businesses formed after January 1, 2024, the reporting must be completed within 90 days of formation. Existing businesses formed before this date have until January 1, 2025, to submit their reports. Failure to report or providing inaccurate information can result in penalties, including fines of up to $500 per day and, in severe cases, criminal charges with potential imprisonment.
Want to check if your business falls under the CTA’s reporting requirements? Click the link below for a quick free assessment.
CHECK IF YOUR BUSINESS MUST REPORT
Need Help Navigating the CTA?
We are reaching out to our clients with businesses now, but if you find that your business is required to report, or if you need help navigating the specifics of the Corporate Transparency Act, our Spokane lawyers are here to assist you. Click the button below to start the process. We’ll guide you through the process to ensure your business stays compliant and avoids costly penalties.
GET HELP SUBMITTING REQUIRED REPORTING
Understanding and complying with the CTA can seem complex, but with the right information and support, it doesn’t have to be a challenge. Let us help you take the necessary steps to meet these new regulations with confidence. Contact us today!
