Corporate Transparency Act - Reporting Requirements Effective January 1, 2024

Effective January 1, 2024, the Federal Corporate Transparency Act (CTA) (Codified at 31 U.S.C. 5336) requires nearly all corporate entity types, such as limited liability companies, corporations, and foreign entities qualified to do business in the United States, to submit beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN).

Entities that fail to comply with the CTA will be exposed to civil and criminal penalties.

All CTA reporting will be made electronically through the Beneficial Ownership Secure System (BOSS) created and maintained by the federal government. The system will not be available until January 1, 2024. More information about the CTA and the reporting requirements can be found below and at https://www.fincen.gov/boi-faqs.