CTA Reporting: Disclosing Whether You Are a Terrorist
While the Corporate Transparency Act has been in effect since the first of the year, Jan. 1, 2025 will be the first reporting deadline for many New York building owners and boards. Failure to comply has the potential for costly penalties, so understanding if, when and how you need to report is a priority.
October 29, 2024 at 10:00 AM
10 minute read
While the Corporate Transparency Act (CTA) became effective Jan. 1, 2024, the first deadline to report for entities created or registered before Jan. 1, 2024 is fast approaching. For New York owners and boards, complying with the CTA may require them to report information about ownership to the United States government at the beginning of 2025, or earlier for non-exempt entities created or registered on or after Jan. 1, 2024.
Not all buildings and owners are required to report, so understanding who needs to comply is essential. Failure to do so can lead to steep penalties that reflect the serious legal issues the act seeks to address.
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