Effective January 1, 2024, the Corporate Transparency Act (CTA) requires approximately 32 million existing corporations, limited liability companies, and other business entities formed or registered to do business in the United States (US), as well as many of the approximately 5 million such entities newly formed each year going forward, to electronically file a beneficial ownership information report (BOI Report) with the US Department of Treasury’s Financial Crime Enforcement Network (FinCEN). The CTA and the disclosure obligations it imposes upon reporting companies is designed to help safeguard US national security and provide law enforcement agencies with an additional tool to fight a variety of financial crimes. Non-compliance with the CTA’s beneficial ownership information reporting requirements may result in civil and/or criminal penalties.
As a result of this new Federal requirement, it is anticipated that reporting companies and their beneficial owners will have questions regarding the new beneficial ownership information reporting requirements. Mirick O'Connell's Business Group has established this landing page to assist reporting companies and their beneficial owners with the various aspects of the beneficial ownership information reporting under the CTA.