The New 2024
Federal Corporate Transparency Act
Requirements
Federal Corporate Transparency Act
Requirements
BY CORY A. LEVINE, ESQ.
Starting 2024, there have been federal reporting requirements in effect for most businesses in the United States.
The Corporate Transparency Act (CTA) is a federal law that requires certain businesses to submit a Beneficial Ownership Information (BOI) Report disclosing information about their owners and control to the Financial Crimes Enforcement Network (FinCEN) .
Who Needs to File?
Key Information and Resources: Links, forms and steps needed are detailed below:
Filing Deadlines:
Compliance: It is essential for businesses to ensure they are in compliance. It is recommended to consult with a Business Law Attorney to provide guidance and take the necessary steps.
Starting 2024, there have been federal reporting requirements in effect for most businesses in the United States.
The Corporate Transparency Act (CTA) is a federal law that requires certain businesses to submit a Beneficial Ownership Information (BOI) Report disclosing information about their owners and control to the Financial Crimes Enforcement Network (FinCEN) .
Who Needs to File?
- Most Legal Entities Formed or Registered to do Business in the United States
- Corporations
- Limited Liability Companies (LLCs)
- Partnerships
- Exempt Entities- Include banks, credit unions, insurance companies, and registered investment advisers. See https://fincen.gov/boi-faqs#C_2
Key Information and Resources: Links, forms and steps needed are detailed below:
- FinCEN's BOI Information page: See https://fincen.gov/boi
- Steps
- Gather Information: Collect information about your beneficial owners
- Complete Form 114: See https://boiefiling.fincen.gov/fileboir
- Submit the Form: Submit the Form 114 to FinCEN by the required deadline (See below for deadlines).
Filing Deadlines:
- Older Companies: Companies created on or before February 19, 2025 have until March 21, 2025, to fulfill their BOI reporting obligations (New)
- New Companies (As of 2/20/25) Companies created after February 19, 2025, will have 30 calendar days from filing/creation to fulfill their BOI reporting obligations (New)
- Any changes to the Corporation Structure: Reporting companies have 30 days to report changes to the information in their previously filed BOI reports.
Compliance: It is essential for businesses to ensure they are in compliance. It is recommended to consult with a Business Law Attorney to provide guidance and take the necessary steps.
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