Corporate Transparency Act – Filing Deadline Quickly Approaching for Entities Formed Prior to January 1, 2024
Effective January 1, 2024, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) required certain newly formed and pre-existing entities to submit information regarding their beneficial owners and certain controlling parties in a report (“BOI Report”) pursuant to the Corporate Transparency Act (the “CTA”). Entities formed on or after January 1, 2024 and prior to January 1, 2025 have 90 days from formation to submit a BOI Report, while entities formed prior to January 1, 2024 have until January 1, 2025 to comply. Entities formed prior to January 1, 2024 are encouraged to consider whether filing a BOI Report will be necessary, and if so, prepare to file in order to meet the approaching January 1, 2025 filing deadline. Entities formed on or after January 1, 2025 will have 30 days from formation to submit a BOI Report and all Reporting Companies have an ongoing obligation to update beneficial ownership information in connection with any changes to the information initially submitted to FinCEN. Despite the hope of some that the CTA would be deemed unconstitutional or amended to provide for extended deadlines, there has not yet been any action which eliminates or delays the compliance requirements.
For more information on the Corporate Transparency Act, please click here.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.
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