If you have an established company or are planning on starting a new company in 2024 or beyond, please read this article carefully. What Is FinCEN BOI Reporting? BOI (Beneficial Owner Information) reporting is a mandatory NEW business filing requiring most U.S. companies to submit their BOI…
For our past analyses and updates on the CTA, please visit our blog. As a quick summary, the Corporate Transparency Act (CTA) requires most corporations, limited liability companies and similar entities formed or registered to do business in the United States to report beneficial ownership information (BOI) reports…
We continue to monitor Corporate Transparency Act (CTA) developments. This update includes the news that as of January 3, 2024, the Financial Crimes Enforcement Network (FinCEN), the bureau responsible for enforcing CTA provisions, has established its system for online filing of beneficial ownership information. Reporting companies required to file beneficial…
We continue to monitor Corporate Transparency Act (CTA) developments. Two recent regulatory actions were announced by the Financial Crimes Enforcement Network (FinCEN), the bureau responsible for enforcing CTA provisions. Both regulatory actions are intended to help ease the reporting burden on affected reporting companies. For a general background of the…
As promised in my earlier newsletter article “Making Translucency Out of Transparency: Our Take on the Corporate Transparency Act” (June 20, 2023), we are continuing to monitor developments on this new significant reporting law. As we rapidly approach 2024, which ushers in the first filing requirements under this law,…
In an attempt to clarify entity ownership, Congress may have muddied the waters. On January 1, 2021, Congress enacted the Corporate Transparency Act (CTA) as part of the Anti-Money Laundering Act of 2020. Congress passed the CTA to “better enable critical national security, intelligence, and law enforcement efforts to counter…
