Beginning January 1, 2024, a new Federal law called the Corporate Transparency Act (CTA) will go into effect. This law will impact virtually all privately held businesses, including entities designed only to hold real estate and conduct no active business.
Those affected must file a Beneficial Ownership Information report with the Financial Crimes Enforcement Network. It is very important that this be done promptly. As of now, there are no extensions available and there are stiff civil and criminal penalties for failing to file. This is not something that can be ignored.
If you are interested in learning more about the reporting requirements of the CTA, I have attached a Client Alert prepared for this purpose.
Please feel free to contact me at 610.212.5031 or gwb@bodengerlaw.com if you have any questions regarding this important matter.