Corporate Transparency Act Notice

Corporate Transparency Act Notice

Important Update on the Corporate Transparency Act (CTA)

To those who purchase through real estate entities, we’re sharing an important update regarding the Corporate Transparency Act (CTA). This federal law introduces new reporting requirements for many entities created or registered in the United States, including those with ownership, management, or control interests.

Below, one of our preferred local Real Estate attorney's outlines the key details to help you understand the necessary compliance steps and deadlines. For further questions or assistance, please see their contact information provided.

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"Initial reports for entities created before 2024, must be filed with the U.S. Treasury’s Financial Crimes Enforcement Network (“FinCEN”) before January 1, 2025. For any entities created on or after January 1, 2024, an initial report must be filed within 90 days of formation. In addition to the initial report, Reporting Companies have a continuing obligation to report to FinCEN any changes in the information reported regarding the Reporting Company or its Beneficial Owners within 30 days of such change.

Failure to comply with the CTA can result in civil fines up to $500.00 per day for as long as the reporting violation continues and can result in criminal fines up to $10,000.00 and imprisonment for up to two years. As such, it is extremely important that any Reporting Entity with which you are involved, satisfy both their initial and continuing reporting requirements.

With so many entities required to report under the CTA in 2024, we anticipate we will receive a large volume of requests for assistance reporting to FinCEN; if you would like our assistance, we highly recommend you reach out to us prior to December 1, 2024.

Should you have any questions with regard to your CTA reporting obligations or if you need any additional information, please do not hesitate to contact our firm at [email protected] or 512.615.6650."

 

Sprouse Shrader Smith, PLLC  |  13215 Bee Cave Parkway, Suite A-230, Austin Texas 78738  |  512 615-6650  Attn. [email protected]

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