If you are a business owner in Illinois, you need to know what your obligations are under the Corporate Transparency Act (CTA) and the filing requirements with FinCen before March 21, 2025, or you may face up to $500 a day in fines and penalties.
Small businesses must comply with the Corporate Transparency Act’s reporting requirements by January 1, 2025, to avoid steep penalties. **[UPDATE - on 12/3/24 this law was temporarily invalidated and may not be enforced pending further order of court}**
