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The Corporate Transparency Act

October 24, 2024

The Corporate Transparency Act, a federal anti-corruption law, has been in effect since the beginning of the year.

The CTA requires that all entities formed prior to January 1, 2024, make a filing on or before January 1, 2025 (unless the entity meets one of the law’s exceptions). You can learn more about filing requirements and exceptions here: Beneficial Ownership Information Reporting | FinCEN.gov. The US Department of Treasury has also published the following Compliance Guide to help companies make filings: BOI Small Compliance Guide v1.1 (fincen.gov).

To the extent you own or have formed an entity, your prompt attention is appreciated to avoid potential penalties to you and your entity.

If you have any questions related to the CTA or your potential reporting obligations, please contact your Wiggin and Dana relationship partner.

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