Big Changes for Small Businesses: The Corporate Transparency Act Explained

Adam was on the radio discussing the Corporate Transparency Act, you can listen HERE, or for a quicker explanation, you can read the cliff notes version:

Who needs to follow these new rules?
Most small businesses, including:

• Corporations
• Limited Liability Companies (LLCs)
• Other companies created by filing with a state office
  
  

When do you need to do this?

• If your business was created before January 1, 2024.
  • You have until December 31st, 2024.
• If your business was formed in 2024.
  • You have 90 days from the day the company was formed.
• If your business is created after 2024.
  • You have 30 days.
    
    

What happens if you don’t follow the rules?
Ouch! The penalties can be pretty harsh:

• You could be fined up to $500 for each day you’re late.
• In really serious cases, you might even face jail time (up to 2 years) and bigger fines (up to $10,000).