CTA FILING DEADLINE APPROACHES
December 6, 2024
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To combat money laundering and other illicit activities, the Corporate Transparency Act (“CTA”) imposes reporting requirements on domestic and foreign companies unless an exemption applies. Nonexempt companies must file their beneficial ownership information (“BOI”) report online with the Financial Crimes Enforcement Network (“FinCEN”) by January 1, 2025. In addition to the initial filing deadline, there is a 30-day deadline for reporting any BOI changes to previously filed information and for correcting errors in previous reports. Failure to comply is punishable by a civil penalty of up to $500 per day, and criminal penalties, including imprisonment for up to two years and a fine of up to $10,000. If you have not yet filed your initial BOI report, and need any assistance, please contact us.
This Aviation Blog is intended to keep readers current on developments in the law. It is not intended to be legal advice. If you have any questions, please contact Evelyn Sahr at 202.659.6622 or esahr@eckertseamans.com; Drew Derco at 202-659-6665 or dderco@eckertseamans.com; Jay Julien at 202.659.6648 or jjulien@eckertseamans.com, or Tyler Myers at 202.659.6642 or tmyers@eckertseamans.com, or any other attorney at Eckert Seamans with whom you have been working.
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