Attention business owners (or potential business owners),
As a business owner you need to be aware of the Corporate Transparency Act (“CTA”) and the requirement to report “beneficial owners” to the U.S. Department of the Treasury, Financial Crimes Enforcement Network (“FinCEN”). Certain businesses in existence 2023 and prior will have until January 1, 2025 to file. A new business organized on or after January 1, 2024 will need to report within 90 days of organization. You can find more information on the FinCEN website.
As most of our clients will have until January 1, 2025 to file we would recommend waiting and taking advantage of this time period to see if subsequent changes are enacted. This is a new area that can be complex and we are expecting more information to be released. You will be responsible for filing however depending on the complexity of your entity structure it may necessitate consultation with your legal counsel.
We will provide more information as it becomes available.
