Corporate Transparency Act Update And Action Items

As we head into the second half of the year, and with the first set of Corporate Transparency Act (the "CTA") filing deadlines behind us, below are some suggested action items to help prepare for the upcoming deadline to bring existing entities (those formed or registered prior to 2024) into compliance with the CTA.

As discussed in our prior Client Alert (which can be accessed through this link), as of January 1, 2024, the CTA requires any corporation, limited liability company or other similar entity that is created by the filing of a document with, or which is formed under the law of a foreign jurisdiction and registered to do business in the U.S. with, a secretary of state or similar office of a State or Indian Tribe ("Reporting Companies") to file reports disclosing their beneficial ownership information ("BOI") with the Financial Crimes Enforcement Network ("FinCEN") of the United States Department of the Treasury, unless the entity is exempt from