January 5, 2024  | By McCathern Law

One of the many ways McCathern works to improve the lives of our clients is by always keeping our clients out of trouble and in full compliance with all applicable laws. In that spirit, we would like to make our clients aware of a new law that went into effect on January 1, 2024 and which may apply to you if you have an ownership in a corporation, partnership or limited liability company.

Dallas Corporate Law Attorney Tarig Anani
Dallas Partner Tarig Anani

The law is called the Corporate Transparency Act (CTA), and it requires all “reporting companies” to file a report with the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).

Failure to file the report, which in short confirms ownership of companies, carries substantial civil and criminal penalties up to $10,000 and 2 years in prison per entity.

To ensure that your business stays fully compliant with this new law, we encourage you to contact McCathern’s corporate law department, led by Dallas Partner Tarig Anani. Tarig and our team at McCathern would be happy to assist you and your business in maintaining regulatory compliance and assisting with any other corporate law matters that you may be facing.

Tarig Anani can be reached directly at tanani@mccathernlaw.com or 214-741-2662.