The Corporate Transparency Act‘s deadline for pre-2024 reporting entities to file beneficial ownership reports is Jan. 1, 2025. Here’s what that means for businesses.
Who Must Report?
The Corporate Transparency Act (CTA) and its implementing regulations became effective Jan. 1, 2024. They require certain business entities to file beneficial ownership information (BOI) reports with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN). Initial BOI reports include identifying information about the reporting company as well as information about the individuals who own 25% or more of the ownership interests of the company or who exercise substantial control over it.
Entities ...
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