The Corporate Transparency Act

Scopelitis, Garvin, Light, Feary & Hanson • April 4, 2024

Written by Katherine Feary-Gardner, & J.D. Robinson, III from Scopelitis, Garvin, Light, Feary & Hanson

The Corporate Transparency Act (the CTA) went into effect on January 1, 2024, and requires many companies not otherwise subject to reporting obligations to submit beneficial ownership information to the US Department of Treasury Financial Crimes Enforcement Network (FinCEN). This information is not accessible to the general public. Rather, FinCEN is only authorized to disclose the information to federal agencies that oversee national security, state law enforcement agencies, and certain financial institutions, among a few others.

Unless falling within one of the 23 exceptions, companies formed prior to 2024 must submit ownership information to FinCEN by January 1, 2025. Companies formed during 2024 must submit this information within 90 days of entity formation.

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