The Corporate Transparency Act
Federal Legislation Requiring Beneficial Ownership Information Reports
Click below to be directed to the commonwealth of Massachusetts for more information
https://www.sec.state.ma.us/divisions/corporations/general-information/corporations-corporate-transparency.htm
Federal legislation, the Corporate Transparency Act (“CTA”), was enacted by Congress on January 1, 2021, as part of the National Defense Authorization Act. The CTA includes significant reforms to anti-money laundering laws and is intended to help prevent and combat money laundering, terrorist financing, corruption, and tax fraud. The CTA establishes a beneficial ownership reporting requirement for corporations, limited liability companies, and other similar entities formed or registered to do business in the United States. Beneficial ownership reports must be filed with the Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Department of Treasury.
When does the CTA take effect?
The reporting requirements under the CTA come into effect on January 1, 2024. Business entities formed prior to such date will have until January 1, 2025, to comply with the CTA’s reporting requirements.
The Corporate Transparency Act Federal Legislation Requiring Beneficial Ownership Information Reports Click below to be directed to the commonwealth of Massachusetts for more information https://www.sec.state.ma.us/divisions/corporations/general-information/corporations-corporate-transparency.htm Federal legislation, the Corporate Transparency Act (“CTA”), was enacted by Congress on January 1, 2021, as part of the National Defense Authorization Act. The CTA includes significant reforms to anti-money laundering laws and is intended to help prevent and combat money laundering, terrorist financing, corruption, and tax fraud. The CTA establishes a beneficial ownership reporting requirement for corporations, limited liability companies, and other similar entities formed or registered to do business in the United States. Beneficial ownership reports must be filed with the Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Department of Treasury. When does the CTA take effect? The reporting requirements under the CTA come into effect on January 1, 2024. Business entities formed prior to such date will have until January 1, 2025, to comply with the CTA’s reporting requirements.
