Corporate Transparency Act
Recent changes in the law, under the Corporate Transparency Act, now mandate that certain corporate entities must report information about the corporate entity and the entity’s beneficial owners to the United States Department of Treasury’s Financial Crimes Enforcement Network.
For corporate entities existing before January 1, 2024, the filing deadline for the existing entity to file their initial Beneficial Ownership Information Report is January 1, 2025.
Newly created corporate entities created or registered to do business in 2024 must file their initial Beneficial Ownership Information Report within 90 days after receiving actual or public notice that its creation or registration is effective.
New Reporting Companies created or registered on or after January 1, 2025, will have 30 calendar days to file their initial Beneficial Ownership Information reports with FinCEN.
Failure to timely and properly comply with the reporting requirements under the CTA could result in civil and criminal penalties.
To assist with the filing, we have prepared a Beneficial Ownership Information Questionnaire Form for clients to complete and securely return to us via our secure portal. Once we have your completed Beneficial Ownership Information Questionnaire Form and supplemental documentation we will file the report with FinCEN on your behalf.
Please contact us today to discuss your corporate entity’s Beneficial Ownership Information and commence the reporting process to ensure compliance in a timely manner. Click here to fill out the Beneficial Ownership Information Questionnaire Form