On Friday, September 29, 2023, the Treasury Department published a notice of information collection under the Corporate Transparency Act (the "Act") in the Federal Register. The notice invites written comments on or before October 30, 2023, regarding the proposed forms to be used in reporting the beneficial ownership information of entities subject to the Act. In particular, the notice addresses the issues that entities may encounter when a beneficial owner cannot be contacted or fails or refuses to provide the information required under the Act in a timely manner. As failure to provide information timely (or at all) may subject an entity to significant fines, Treasury is considering revisions to the form that would allow entities to reply timely with available information while noting the reasons for incomplete submissions. However, it notes that a timely but incomplete filing would not satisfy the requirements of the Act.
Interested persons may submit comments regarding this proposal to:
www.reginfo.gov/public/do/PRAMain.
A link to the notice is at:
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
