The Corporate Transparency Act (CTA) took effect one year ago, on January 1, 2024.
A bumpy road has put the CTA on hold. We’ll get to that shortly. But first, a little background.
Background on the CTA
The CTA requires most smaller corporations and limited liability companies (LLCs), and some other business entities, to file a beneficial ownership information (BOI) report with the U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN).
The BOI report identifies and provides contact information for the human beings who own or control the entity. This information is not made public—it is to be used only by law enforcement to combat money laundering, drug trafficking, and other illegal activities.
The original deadline for filing BOI reports for businesses in existence ... Log in to view full article.
