To comply with the Corporate Transparency Act (CTA), businesses must submit reports with information about the individuals who directly or indirectly own or control them according to a series of deadlines:
March 21 , 2025 is the new filing deadline for most reporting companies formed on or before February 19, 2025.
Companies formed or registered on or after February 20, 2025 must file their initial report within 30 days from their incorporation date.
Companies that qualify for disaster relief or who were previously given deadlines that extend beyond the March 21, 2025 should file their reports by whichever deadline falls later.
Noncompliance with the CTA could result in any/all of the following: up to two years of imprisonment, civil penalties of $591 per day per entity and/or criminal penalties of up to $10,000. Needless to say, it could add up very quickly and prove quite costly.
