The Corporate Transparency Act ("CTA") reporting requirements take effect on January 1, 2024. The CTA requires many entities to disclose ownership information to the Financial Crimes Enforcement Network (“FinCEN”). Under the original requirements, entities formed in 2024 needed to file an initial report with FinCEN within 30 days of formation. On November 29, 2023, FinCEN issued a final rule change extending the initial filing deadline from 30 days to 90 days for companies formed in 2024. Updates to reports are still due within 30 days to report changes to information in the initial reports or to correct any incorrect or incomplete information.

Entities formed on or after January 1, 2025 will have the original 30 day deadline to file their initial reports. KMK Law will continue to monitor the CTA and will provide updates if any further changes are proposed.