Corporate Transparency Act: Beneficial Ownership Information Reporting Begins

Enacted on 1 January 2021, the Corporate Transparency Act (CTA) establishes a beneficial ownership reporting regime for US entities,
pursuant to which reporting companies must submit a report containing “beneficial owner” and “company applicant” information
(together, “beneficial ownership information” (BOI)). On 29 September 2022, the US Department of the Treasury’s Financial Crimes
Enforcement Network (FinCEN) released final regulations and set a 1 January 2024 start date. On 1 January 2024, FinCEN opened its BOI
E-Filing System and a link to request an optional FinCEN ID. This article discusses some practical considerations for preparing a
reporting company’s initial BOI report and reminds readers of the penalties for failure to file.  Download