In 2021, Congress enacted the Corporate Transparency Act (CTA) to prevent money laundering and the financing of terrorism. The CTA requires certain new and existing companies (Reporting Companies) to disclose information about their beneficial owners (those individuals who ultimately own or control the company) to the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury.
Unless specifically excluded in the CTA, Reporting Companies created or registered prior to January 1, 2024 must report information about their beneficial owners to FinCEN no later than January 1, 2025.1
FinCEN has designed an electronic filing platform specifically for submitting beneficial ownership reports as mandated by the CTA. FinCEN’s website includes a link to the BOI E-Filing System and additional information on reporting exemptions and beneficial ownership.
If you need assistance with reporting beneficial ownership information to FinCEN or guidance regarding compliance with the CTA, please email CTA@utbf.com.
1The other CTA reporting deadlines are as follows: (1) companies created or registered in 2024 must report within ninety (90) calendar days after receiving actual or public notice (whichever is earlier) that the company’s creation or registration is effective; (2) companies created or registered on or after January 1, 2025 must report within thirty (30) calendar days after receiving actual or public notice (whichever is earlier) that the company’s creation or registration is effective; and (3) changes must be reported within thirty (30) calendar days after any change to, or becoming aware or having reason to know of any error in, any beneficial ownership information that was previously reported to FinCEN.
