The Corporate Transparency Act (CTA), enacted as part of the National Defense Authorization Act for Fiscal Year 2021, marks a significant shift in the reporting requirements for businesses in the United States. For our Chamber members, understanding the Beneficial Ownership Information (BOI) Reporting Requirements is crucial. This blog post aims to demystify these requirements and guide businesses through this new landscape.
Beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company. They will have to report the information to the Financial Crimes Enforcement Network (FinCEN). FinCEN is a bureau of the U.S. Department of the Treasury, which you can learn more about here.… Read the rest