If you own a small business, you will be expected to comply with the Corporate Transparency Act (the “Act”).  The Act imposes a requirement for corporations doing business in the United States to report information regarding their “beneficial owners”. A beneficial owner is, among other things, someone who owns 25% or more of a company. The Act initially required that these companies file reports to the Financial Crimes Enforcement Network (“FinCEN”) by January 1, 2025; however, the deadline has been extended to March 21, 2025, for most corporations.

More changes may be in store as the FinCEN is assessing whether to further extend the deadline and impose fines on those who fail to report.  For more information about the Act and how to file, please visit https://www.fincen.gov/ or contact an attorney at Lavery Selvaggi to discuss.