Commencing on January 1, 2024, the federal Corporate Transparency Act (CT) may require many domestic and foreign entities with less than $5,000,000 of annual gross receipts and fewer than 20 employees to file an informational statement with the federal Financial Crimes Enforcement Network (FinCEN). Violations of reporting requirements may include criminal penalties of up to $10,000 and/or possible imprisonment of up to two years, and civil penalties of not more than $500 per day. Click here to read more
