CORPORATE TRANSPARENCY ACT DEADLINE APPROACHING
Despite ongoing legal challenges, the Corporate Transparency Act remains in effect together. As a result, applicable businesses need to make certain that they have filed their Beneficial Ownership Information report by December 31, 2024. The Corporate Transparency Act (“CTA”) became effective January 1, 2024. The CTA requires applicable businesses (primarily small and medium size businesses) in existence on January 1, 2024 to report “beneficial owner” information to the Financial Crimes Enforcement Network.
While there are a number of exceptions that apply, covered businesses will need to file a report electronically with a federal database established by the Financial Crimes Enforcement Network. The reports require disclosure of certain information about the business and the individuals who own or control the business, referred to as Beneficial Ownership Information.
Business owners seeking more information can review the Beneficial Ownership Information Frequently Asked Questions located here. Of course, if you have any questions about the CTA, please feel free to reach out to us.