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Corporate Transparency Act

January 20, 2024

Effective January 1, 2024, the new Beneficial Ownership reporting requirements went into effect for many existing and newly formed businesses. These new reporting requirements are part of the recently passed Corporate Transparency Act of 2021 (CTA) and will be enforced by the Financial Crimes and Enforcement Network of the US Treasury (FinCEN).

 

This new reporting requirement will be centered around providing information on individuals who own or control a company. Any Company that must report on beneficial owners is considered a Reporting Company. For any Reporting Company, reporting may begin as early as 30 days from when the Company was created, and is dependent on the date your Company was created or registered. It is important to note that there are currently 23 exemptions from the reporting requirements.

 

We highly recommend that you contact your Corporate Attorney regarding potential filing requirements as soon as possible. At this time, accounting firms are strongly being advised not to complete a Beneficial Ownership Information Filing, as this is a legal filing and could be considered the unlicensed practice of law. 


More information and a series of FAQ’s can be found on the FinCen website at: https://www.fincen.gov/boi


This material is generic in nature. Before relying on the material in any important matter, users should note date of publication and carefully evaluate its accuracy, currency, completeness, and relevance for their purposes, and should obtain any appropriate professional advice relevant to their particular circumstances.

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