Attorney Anne Nye Writes E-Note About FinCEN Corporate Transparency Act Reporting Requirements

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Attorney Anne Nye has written a summary about the Corporate Transparency Act passed by Congress in 2021, as a part of the National Defense Authorization Act, which gave rise to a reporting requirement. As of January 1, 2024, certain entities must report information about their beneficial owners – the individual(s) who ultimately own or control the company – to the Financial Crimes Enforcement Network, part of the U.S. Department of Treasury (FinCEN).

Companies created on or before January 1, 2024, have until January 1, 2025 to file. Companies created after January 1, 2024, will have ninety (90) calendar days to file after their creation is effective. Companies created after January 1, 2025, will have thirty (30) calendar days to file after their creation is effective. The availability of the reported information will be limited to Federal, State, local and Tribal officials and certain foreign officials who submit a request through United States government. For more info, see here.