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:
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.
