The Georgia Grapevine

Business owners:

Starting January 1, 2024, the Corporate Transparency Act went into effect. If you run an LLC or a corporation with under 20 employees, you’ll need to report your ownership details to FinCEN. This move aims to curb money laundering and tax evasion by making company ownership transparent.

Don’t get caught unprepared! Existing businesses have until January 1, 2025, to file their initial report, while new entities must do so within 30 days of formation. Non-compliance could result in a daily fine of $500 and potential imprisonment.

Stay informed and compliant. Visit www.fincen.gov for more details and guidance on how to proceed.

United States Department of the Treasury Financial Crimes Enforcement Network | FinCEN.gov WASHINGTON—Today, the Financial Crimes Enforcement Network (FinCEN) published its first set of guidance materials to aid the public, and in particular the small business community, in understanding upcoming beneficial ownership information (BOI) reporting requirements taking effect on January 1, 2...