Starting January 01, 2024, an estimated 33 million businesses must file a Beneficial Ownership Information report to be in compliance with the Corporate Transparency Act..
Compliance is mandatory, and companies that do not file face potential fines of $500 per day they are not in compliance and even jail time.
However, there is a silver lining in these new reporting requirements. Well-prepared accounting firms can enhance their current client engagements and grow their client base if they take advantage of the opportunity presented in the Corporate Transparency Act and Beneficial Ownership Information reporting requirements.