The Corporate Transparency Act – Beneficial Ownership Information reporting rule is effective as of January 1, 2024
What is to know about The Corporate Transparency Act, Beneficial Ownership Information Reporting and who is require to report… A “reporting company”? What information must be provided? When the Beneficial Ownership Information Reporting will be due?
According to the regulation, a “reporting company” is a corporation, LLC, or other similar entities that were created by filing of a document with the State, or formed under the law of a foreign company that is registered to do business in U.S.
Some entities are exempt from The Corporate Transparency Act reporting requirements. As part of Anti – Money Laundering Act of 2020, the Corporate Transparency Act reporting requirements are intended to help preventing and combating money laundering, terrorist financing, corruption, tax fraud, and other illicit activity, while minimizing the burden on entities doing business in the United States.
Key questions to ask while meeting a professional:
- What company has to report its beneficial owners?
- Who would be considered a beneficial owner of a company?
- Does the company have to report its company applicants?
- What are the specific information that need to reported?
- When and how the initial report is due to be filed?
- What to do if there are changes to and | or inaccuracies in reported information?
Should you inquire about The Corporate Transparency Act reporting requirement, please contact our office at 310.666.0244
Reference Page:
“A Rule by the Financial Crimes Enforcement Network. September, 2022. URL: www.federalregister.gov/documents/2022/09/30/2022-21020/beneficial-ownership-information-reporting-requirements
“Beneficial Ownership Information Reporting.” March, 2023. URL: https://www.fincen.gov/boi
https://www.congress.gov/bill/116th-congress/house-bill/2513