There is a significant change in federal law that will have an impact on nearly everyone operating a business.
The Corporate Transparency Act (“CTA”) became effective on January 1, 2024, which requires most companies to comply with the new reporting requirements. The CTA requires corporations, limited liability companies, partnerships, and trusts (entities registered with the Secretary of State) to file informational reports with the Financial Crimes Enforcement Network (“FinCEN”) about its beneficial ownership information (“BOI”).
Please note that filing and maintaining beneficial ownership information is a responsibility that resides with you, individually, as a business owner. We are not filing these reports for our clients. If you have questions about the BOI report, please call our office at 515-955-8300.
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