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Is My Business Required to Report Information Under the Corporate Transparency Act?

In 2021, the Corporate Transparency Act was passed, requiring most corporations and LLCs to file information about their “beneficial owners” with the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of Treasury. 

The filing requirements were delayed for three years while the regulations were written and finalized.  Now the law is taking effect.


Starting on January 1, 2024, newly formed or registered reporting companies in the U.S. will have 90 days to report BOI, certain entity information about the reporting company and company applicant information to FinCEN0


Domestic “Reporting Companies” who will be required to file reports are generally:

  • ·         corporations,

  • ·         LLCs or

  • ·         other entities formed by filing documents with a  state Secretary of State or a tribal equivalent. 

 

There are exemptions for SEC-reporting companies, regulated financial service companies, tax-exempt companies, insurance companies, accountants, large companies (with at least 20 US employees and at least $5 million in gross revenues) and other kinds of companies that are already required to report similar information.   Certain in