For many businesses, January 1, 2025 is an important deadline. To avoid potential penalties of $500 per day, a criminal fine up to $10,000, or imprisonment up to two (2) years, your business MUST be in compliance with the new filing requirement of the Corporate Transparency Act (CTA). The CTA affects nearly all corporations, LLCs, and limited partnerships.
January 1, 2025 is the deadline for initial report for all entities formed before January 1, 2024. For entities formed during 2024, the filing deadline is within 90 days of the date of formation. Reports must be filed with the Financial Crimes Enforcement Network, or FinCEN, which oversees the Corporate Transparency Act.
Envision member organization von Briesen & Roper, s.c. has prepared a helpful summary in the form of this Legal Update: Filing Obligations and Deadlines for The Corporate Transparency Act.
Envision Greater Fond du Lac is providing this information for reference only. Envision cannot assist businesses with reports.