The New 2024
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?

• 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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