The Corporate Transparency Act (CTA) reporting deadline for existing companies is fast approaching.* On Jan. 1, 2024, the CTA went into effect, requiring all entities formed or registered to do business in the United States to either confirm that they qualify for an exemption from the CTA’s reporting requirements or submit a beneficial ownership information report (BOIR) to the U.S. Treasury’s Financial Crimes and Enforcement Network (FinCEN). Nonexempt entities formed prior to 2024 must file their initial BOIR by Dec. 31, 2024. New entities formed in 2024 must file their initial BOIR within 90 days after their formation.
