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Corporate Transparency Act (CTA)

By: Brandon Borsen, CPA

We want to inform you of an important matter that may require your attention. As part of our commitment to keeping you informed and ensuring compliance with all applicable regulations, we would like to highlight the requirements under the Corporate Transparency Act (CTA).

Overview of the Corporate Transparency Act (CTA)

  • Purpose: The CTA was enacted to combat illicit activities such as money laundering and terrorism financing by increasing transparency in corporate ownership.

  • Requirement: Entities registered in the United States are required to file beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN).

Who Needs to File?

If your business falls under any of the following categories, you may be required to file under CTA:

  • Corporations

  • Limited Liability Companies (LLCs)

  • Other similar entities created by a filing with a secretary of state or similar office.

Information Required

The filing will generally need to include:

  • Full legal name

  • Date of birth

  • Current residential or business street address

  • Unique identifying number from an acceptable identification document (such as a passport or driver’s license)

Deadline and Compliance

The deadline for entities that were formed prior to January 1, 2024 is January 1, 2025.  Any entities that were formed in 2024 have 90 days after the date of formation to file the forms. 

We are not able to file these forms on your behalf, but will be happy to assist in giving you guidance if you still need to do so from one of the following ways:

  1. If you have an attorney that you work with, they should be able to assist you in preparing these forms.

  2. If you would like to file the forms yourself you can file online at https://boiefiling.fincen.gov/fileboir

  3. If you are not comfortable completing the forms yourself and do not have an attorney to help you prepare the forms please let us know and we can provided resources for you to complete these forms.

Please call the office at (248) 932-0040 if you have any questions.