As announced in December 2023, under the Corporate Transparency Act (CTA), certain legal entities formed before January 1, 2024 have to file a Beneficial Ownership Information (BOI) report with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) by January 1, 2025, providing certain information about its “beneficial owners.”
That means that every legal entity formed by filing paperwork with a Secretary of State (or its equivalent) or a tribunal authority must determine whether it is required to file a BOI report or if it is exempt from filing. Has your business undertaken this review yet?
We will continue to closely monitor the CTA and provide further guidance and updates as necessary.
