New for 2024: Corporate Transparency Act Affects All Business Owners

Effective January 1, the Corporate Transparency Act requires all business owners to file Beneficial Ownership Information (BOI) Reports with the Department of Treasury. Every existing corporation, LLC, or other entity registered with the Secretary of State (with some exceptions) must submit their initial reports by December 31, 2024. New entities established after January 1, 2024 must file BOI reports within 90 days of formation.

The new law aims to enhance the Department of Treasury’s ability to monitor and identify illicit activities, such as money laundering, drug trafficking, and funding for terrorist organizations. Failing to comply may result in severe penalties.

JSB Group is a full-service accounting firm in Northbrook with over 29 years of experience offering a broad range of services for businesses and individuals. JSB Group is prepared to help business owners get and stay compliant with the Corporate Transparency Act. Contact Olga Ovnanyan today for help filing your business’ Beneficial Ownership Informational (BOI) Report: https://www.JSBGroupCPA.com.