The U.S. Treasury Department announced that it will not require U.S. corporations, limited liability companies, or other U.S. business entities to comply with the Corporate Transparency Act (CTA).
The CTA requires that most smaller corporations, limited liability companies, and some other business entities (all of which are termed “reporting companies”) file beneficial ownership information reports (BOI reports) with the U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN).
The BOI reports identify and provide contact information for the human beings who own or control the entity—the “beneficial owners.” This information is intended to be used only by law enforcement to combat money laundering, drug trafficking, and other illegal activities.
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