The Corporate Transparency Act (the “CTA”) has been in place since 2020 when it was passed as part of the National Defense Authorization Act for Fiscal Year 2021; however, after a long administrative rulemaking process, the Beneficial Ownership Information (“BOI”) reporting requirements have only recently been finalized and will first become effective on January 1, 2024 (the “Effective date”).
The CTA was enacted in response to the vast and increasing use of corporate entities and shell-companies by bad actors
Continue Reading FinCEN Finalizes Beneficial Ownership Information Reporting Requirements