Starting on January 1, 2024, the Corporate Transparency Act goes into effect and requires detailed

filings about the ownership and control of all small entities, not specifically exempted. Additionally,

persons forming or filing new entities would also need to file Company Applicant reports with FinCEN.

New entities formed after January 1, 2024 have 30 days after formation to report to FinCEN.

Entities in existence prior to January 1, 2024 must file before January 1, 2025.

Failure to file may result in civil or criminal penalties, including civil penalties of up to $500 for each day

that the violation continues, or criminal penalties including imprisonment for up to two years and/or a

fine of up to $10,000.

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