Company Information The reporting company must also disclose: • The full legal name of the entity • The jurisdiction in which it was formed • The principal business address • The Taxpayer Identification Number (TIN) or equivalent.
KEY DEADLINES
Compliance with the CTA hinges on timely reporting. The deadlines are as follows: • Existing Companies (formed before
January 1, 2024): You have until January 1, 2025, to file your initial report. • New Companies (formed on or after January 1, 2024): You must file your initial report within 30 days of formation or registration. • Changes to Reported Information: Updates to beneficial ownership details (e.g., a new owner or address change) must be reported within 30 days of the change.
COMPLIANCE WITH THE CTA HINGES ON TIMELY REPORTING.
Failure to comply with the CTA can lead to serious consequences: • Civil penalties: Up to $500 per day of non- compliance. • Criminal penalties: Fines of up to $10,000 and/or imprisonment for up to two years. PENALTIES FOR NON-COMPLIANCE Given the severity of these penalties, it is vital for rental property owners to understand and adhere to the reporting requirements.
PAGE 75
Powered by FlippingBook