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ARTICLE · 18 OCTOBER 2023

Prepare For The Corporate Transparency Act Reporting Requirements

Buchanan Ingersoll & Rooney
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The new beneficial ownership reporting requirements of the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (Act) become effective on January 1, 2024.

United StatesCorporate/Commercial Law
Brian North
Brian North
Steven Smith
Steven Smith
Jared R. Johnson
Jared R. Johnson
Jennifer M. Rodriguez
Jennifer M. Rodriguez
Robin L. Dierbeck
Robin L. Dierbeck
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The new beneficial ownership reporting requirements of the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (Act) become effective on January 1, 2024.

What Companies Are Subject to the Reporting Requirements?

Subject to certain exemptions, the reporting requirements apply to all entities that are created by filing a document with a secretary of state or other similar office of a State or Indian tribe. They also apply to all entities formed under the law of a foreign country that register to do business in any State or tribal jurisdiction by filing a document with a secretary of state or other similar office of a State or Indian tribe.

There are a large number of entities that are exempt from the reporting requirements, most notably:

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