New Beneficial Ownership Reporting Requirements: Essential Information for Your Business
Effective January 1, 2025, the Corporate Transparency Act (CTA) mandates that many businesses in the United States report specific information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). This initiative aims to enhance corporate transparency and combat illicit financial activities. Businesses registered before January 2024 must file by January 1, 2025. Newly established businesses are required to file within 30 to 90 days of obtaining their business license. Who Must File? The CTA’s reporting requirements apply to: Read more…