What is the Corporate Transparency Act?

The Corporate Transparency Act (CTA) marks a pivotal change in reporting requirements for US-based companies, compelling detailed ownership information to be furnished to FinCEN. Startups and small businesses, which previously lacked established regulatory reporting structures, may fall under the purview of this act as of January 1, 2024. This includes the disclosure of Beneficial Ownership Information (BOI), identifying individuals with substantial control or ownership stakes within your company.

Does it impact my company?

The CTA does provide exemptions from the BOI reporting rule for certain types of entities, but many businesses that were previously exempt from reporting structures will now need to furnish ownership information. Consult the image to the left to determine whether or not your company is a “reporting company.”

How to report Beneficial Ownership Information