The Corporate Transparency Act: New Reporting Requirements

Beginning January 1, 2024, the Corporate Transparency Act (the “Act”) will require certain corporations, limited liability companies, and partnerships that are registered to do business in the United States to report information about "beneficial owners" to the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).

The purpose of the Act is to enable the U.S. government to identify the owner(s) of small to medium sized business entities not otherwise required to report their ownership information to another federal agency.

Beginning January 1, 2024, newly created companies that fall under the umbrella of the Act will be required to report their ownership information immediately after formation. Existing entities will have until January 1, 2025 to report the required information.

*Disclaimer: This FAQ has been prepared for informational purposes only, and is not offered, nor should be considered, as legal advice.

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