Corporate Transparency Act
Update: See our post on December 5, 2023 regarding a change in due date for entities created during 2024.
The Corporate Transparency Act requires certain business entities doing business in the United States to report information about their owners to the Financial Crimes Enforcement Network (FinCEN).
FinCEN issued final regulations regarding the requirement in September 2022. See: https://www.fincen.gov/beneficial-ownership-information-reporting.
For entities created on or after January 1, 2024, filings under the new requirement are due within 30 days of the creation of such an entity. Reports for entities that existed prior to January 1, 2024 are due by January 1, 2025.
This new reporting requirement creates a significant task for entities, and both entities and practitioners need to begin planning for how to comply with the new rules.
We will discuss planning considerations that practitioners should address with clients and provide practical details and in-depth guidance in our upcoming seminars in January. If you are not already registered, register here.