The Corporate Transparency Act (CTA) was enacted as part of the National Defense Act for Fiscal Year 2021. The CTA mandates that millions of entities report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN).
This resource is meant to provide a preliminary overview of the provisions in the CTA.
All new entities formed in 2024 and beyond have 30 days to report their information.
Find out more in the BOI CTA FAQs, including:
- Who is required to report under the CTA’s BOI reporting requirement?
- When must companies file?
- What information do companies need to report?
- What are the penalties for non-compliance with the statute?
Please contact us if you have questions about this new update.