The Corporate Transparency Act (CTA) 2024: What You Need to Know and How to Report
The Corporate Transparency Act (CTA) 2024: What You Need to Know and How to Report
Do you own a company?
Have you filed your company’s Beneficial Ownership Information (BOI) Report with the Financial Crimes Enforcement Network (FinCEN) yet?
The upcoming deadlines (see below) for the new reporting requirements under the Corporate Transparency Act (CTA) are fast approaching. To comply with the deadline, please file the report here. You don’t need an attorney to complete this process—feel free to handle it yourself by following the instructions provided here:
Filing Deadlines
As of January 2024, the CTA requires entities formed or registered to do business in the United States (unless an exemption applies) to disclose specific information to the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) regarding (a) the Reporting Company itself, (b) its Beneficial Owners, and (c) with respect to the Reporting Company formed or registered on or after January 1, 2024, its Company Applicants.
To comply, each Reporting Company must file initial reports in a timely manner as set forth below. Note: some deadlines are approaching or have passed, depending on when the Reporting Company was registered.
If You Formed or Registered Your Company Prior to January 1, 2024
Reporting Companies formed or registered to do business under the law of a US State or Indian Tribe prior to January 1, 2024 may submit their initial Beneficial Ownership Information Reports (BOIRs) to FinCEN beginning October 1, 2024. These initial reports must be submitted no later than January 1, 2025.
Reporting Companies formed or registered to do business under the law of a US State or Indian tribe on or after January 1, 2024, and before January 1, 2025, are required to submit initial BOIRs to FinCEN within 90 days of formation or registration.
If You Form or Register Your Company in 2025 and Beyond
Reporting Companies formed or registered to do business under the law of a US State or Indian tribe on or after January 1, 2025, are required to submit initial BOIRs to FinCEN within 30 days of formation or registration.
This Corporate Advisory is not intended to, and does not, provide legal, compliance or other advice to any individual or entity.
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