Legal Alert: There are new federal reporting and compliance requirements under the Corporate Transparency Act that will impact many U.S. companies.
As of January 1, 2024, a new reporting requirement has gone into effect that will require a broad range of entities to file a Beneficial Ownership Information (“BOI”) report with the United States Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”). This new reporting requirement is required under the Corporate Transparency Act (“CTA”), which was passed as part of the National Defense Authorization Act, an anti-money laundering law.
This is a major legal development that will be onerous on many companies and owners and imposes severe penalties for noncompliance. Attorneys on CE&C’s CTA Committee have closely followed the CTA since its enactment and are familiar with its requirements and ramifications.
Our team at CE&C stands ready to assist you in determining the specific impact of the CTA on your organizations and transactions, as well as advise you on what actions you need to take to comply with the CTA.
While there are still many questions unanswered, the basic requirements of the CTA are fully explained in the below article.
https://www.ceclaw.com/wp-content/uploads/2024/10/CEC-Legal-Alert.-Corporate-Transparency-Alert.pdf
We hope the attached document provides clarity and guidance regarding the CTA and the new reporting requirements now in effect as of January 1, 2024.
Please let us know if you have any questions or concerns about these reporting requirements. More information about the CTA and its requirements can be found at www.fincen.gov/boi.
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