A new federal reporting requirement for some businesses in 2024.
The Corporate Transparency Act (CTA) became effective January 1, 2024. The CTA requires new and existing entities, with some exceptions, to register their beneficial ownership information. Newly formed qualifying entities must register within 90 days of formation, and existing qualifying entities must register by December 31, 2024. The CTA is a measure to prevent shell companies from being created and used to launder money.
Beneficial Ownership is reported online directly through the Financial Crimes Enforcement Network