On January 1, 2024, the Corporate Transparency Act (the “CTA”) went into effect and imposed significant new reporting requirements on, among others, many businesses and subsidiary and single-purpose entities owned by trusts and larger companies. The CTA is broad in reach and noncompliance carries the potential for significant civil and criminal penalties. Immediate action may be required to lessen or delay the impact of the CTA.
Starting in 2024, most companies, LLCs, partnerships, and other entities in the United States will be required to report information about their beneficial owners — i.e., the individuals who ultimately own or control the company — to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN).
Access our Corporate Transparency Act Fact Sheet to learn more.