On January 1, 2024, the Corporate Transparency Act (CTA) went into effect creating new compliance requirements for certain companies. This new federal law imposes certain reporting responsibilities on many companies that are registered as entities with their secretary of state.
On January 1, 2024, the Corporate Transparency Act (CTA) went into effect creating new compliance requirements for certain companies. This new federal law imposes certain reporting responsibilities on many companies that are registered as entities with their secretary of state, including reporting obligations for providing information about the beneficial owners of the companies to the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”).
Any companies created before 2024 (and are not exempt from the CTA reporting requirements) must submit required reports to FinCEN before the end of 2024. Companies required to report and formed during 2024 will have 90 days when first created to submit the initial report to FinCEN. Entities required to report and formed after 2025 will have 30 days to submit initial reports.
The CTA reporting requirement is intended to bring the United States closer to current international standards in place to address anti-money laundering and terrorism financing.
Many clients are expected to have questions regarding the CTA’s reporting requirement, and are encouraged to contact Pomeroy Law P.C. for assistance determining whether a company is exempt, who are the beneficial owners of a company, and how to submit the initial reports.
Please contact our office at 978-358-7550 or info@pomeroy-law.com for more information on how we can help.
