The New 2024
Federal Corporate Transparency Act 
​Requirements

​BY CORY A. LEVINE, ESQ.

​Starting 2024, there are new federal reporting requirements for most businesses in the United States.  

The Corporate Transparency Act (CTA) is a federal law that requires certain businesses to disclose 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).

Important Considerations:

• Filing Deadline: 
  • If the entity was formed prior to 2024- By the end of 2024
  • If the entity was formed in 2024-  Within 3 months of the creation of the entity
• Penalties: Failure to comply with these reporting requirements can result in significant penalties.

Compliance: It is essential for businesses to ensure they are in compliance. It is recommended to consult with a Business Law Lawyer to provide guidance and take the necessary steps.

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