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Navigating the Corporate Transparency Act: A Guide for Entities in 2024
English Lucas Priest and Owsley, LLP
As we usher in the new year, businesses around the world are gearing up for a notable change in compliance regulations with the implementation of the Corporate Transparency Act (CTA) on January 1, 2024. The CTA introduces a crucial reporting obligation for a wide range of entities, including corporations, limited liability companies, and statutory trusts. These entities will be required to identify and disclose their individual beneficial owners, both U.S. and foreign, through an electronically filed report with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).
For existing and newly formed entities falling under the category of “Reporting Companies,” there are specific compliance deadlines to keep in mind. Entities in existence before January 1, 2024, have until January 1, 2025, to file their initial reports. All entities formed on or after January 1, 2024, must file their initial reports within 30 days from the date of formation.
At ELPO Law, we recognize the importance of staying ahead of regulatory changes and supporting our clients in meeting their compliance obligations. While there are exemptions for certain categories of entities and individuals under the CTA, determining eligibility requires a careful examination of company-specific information. Our team is well-equipped to assist you in navigating these complexities, ensuring that your business complies with the CTA while taking advantage of any available exemptions.
As the Effective Date approaches, it is essential for entities to proactively address these changes and seek professional guidance to navigate the intricacies of compliance. To stay ahead of the curve and ensure a smooth transition into this new era of corporate transparency, contact attorney Nathan Vinson via email, nvinson@elpolaw.com or phone, 270-781-6500.
