Corporate Transparency Act Information Hub


December 4, 2023

By: Eric R. Tubbs, Wesley M. Greder

 

 

Starting January 1, 2024, the Corporate Transparency Act (CTA) requires certain entities to report information to the Treasury Department’s Financial Crimes Enforcement Network (FinCEN),  including beneficial ownership information (BOI).

 

Enacted as part of broad anti-money laundering and antiterrorism measures, the CTA attempts to ensure businesses operating in the United States are legitimate entities. The goal is to prevent businesses from being used for illicit activities that might harm U.S. national security or financial systems.

 

Review these articles to learn about the reporting obligations the CTA will impose on businesses.

 

What Entities Are Required to Report? 

The CTA defines a large number of entities doing business in the United States as “reporting companies.” Explore whether your business is likely included or exempt.

 

Who Is a Beneficial Owner? 

Beneficial owners of reporting companies must be listed. Learn the CTA’s definition of “beneficial ownership” and what that means.

 

Who Is a Company Applicant?  

See how the CTA identifies the individuals who file for company registrations and must be included in the reporting company’s beneficial ownership information report.

 

What Information Needs to be Reported?  

Review the list of details the CTA requires to be included in a reporting company’s beneficial ownership information.

 

When Are Filing Dates and What Are the Penalties?  

Know the deadlines for filing CTA-required reports and when updates are needed—and the penalties for not complying with reporting requirements.

 

Contact your Nyemaster attorney for specific legal advice related to your company and your situation with regard to the Corporate Transparency Act.