It’s here.

The Corporate Transparency Act (CTA) became effective on January 1, 2024.

The law will create a massive government database containing the identities and contact information of defined small corporate and LLC “beneficial owners.” The beneficial owners are the humans who own the entity or exercise substantial control over it.

Government law enforcement and security agencies will use this information to help combat the use of shell companies that engage in money laundering, tax evasion, terrorism, and other crimes.

To comply with the law, new and existing small businesses will have to file a beneficial ownership information (BOI) report with the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). Businesses created during 2024 that are subject to the CTA must file a BOI report within 90 days after formation. Businesses created before 2024 have until December 31, 2024, to comply.

The BOI report is filed online in a new federal database called BOSS (an acronym for Beneficial Ownership Secure System). There is no filing fee. The information in the BOSS database is strictly for use by law enforcement, the IRS, and other government agencies—it will not be publicly disclosed.

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