Corporate Transparency Act: Filing Deadline Fast Approaching

This is an update to our August 25, 2022 alert titled "An Overview of the Corporate Transparency Act".

On January 1, 2021, Congress enacted the Corporate Transparency Act (the "CTA"), which requires certain companies disclose the identity of their owners to the Department of Treasury's Financial Crimes Enforcement Network ("FinCEN") through the filing of Beneficial Ownership Information Reports ("BOIRs"). For a quick overview, you can read about the basics of the Act and what you need to know about its implementation here.

All entities in existence on January 1, 2024, and which qualify as a reporting company, are required to file a BOIR on or before January 1, 2025. The initial BOIR filing due on or before January 1, 2025 is required even if the reporting company has or will be dissolved prior to the January 1, 2025 deadline, so long as the entity was in existence on January 1, 2024.