CORPORATE TRANSPARENCY ACT IN EFFECT JANUARY 1, 2024
As has been reported but not well understood, most companies have another compliance obligation beginning January 1, 2024. The Corporate Transparency Act (CTA) will be in effect and “Reporting Companies” will be required to submit “Beneficial Ownership Information” reports online with the Financial Crimes Enforcement Network (FinCEN) of the US Department of Treasury. While the CTA is seeking out money launderers, financial criminals, and other bad actors, the breadth of the CTA reporting requirements exempts few and will appear daunting at first.
Companies in existence prior to January 1, 2024 have the year to comply (don’t wait); companies formed in 2024 have 90 days to comply; companies formed after December 31, 2024 have 30 days to comply. In addition, any changes in company and beneficial owner information must be reported within 30 days of the change.
The reporting obligation with FinCEN falls to the company, and its owners and management. We at Devine Millimet are pleased to offer guidance to our clients regarding the reporting requirements and processes. As a primer and for more details, we offer the linked Devine Millimet NOTICE which also references additional resources generated by FinCEN. As that agency implements the reporting and compliance initiatives, FinCEN will continue to update new guidance. Consider subscribing to FinCEN updates and adding a “shortcut” to its website.
To read the full NOTICE, you can do so HERE
Firm Bio
Devine Millimet is one of the largest and most dynamic business and litigation law firms in the region, serving our clients and our communities since 1947. Working from our historic headquarters building in Manchester, New Hampshire, and our satellite offices in Concord and Portsmouth, New Hampshire, we serve individuals, businesses, and nonprofits in the areas of business & commercial litigation, construction litigation, criminal law, employee stock ownership plans (ESOPs), divorce & domestic relations, employment consulting and litigation, healthcare, insurance defense, intellectual property litigation, medical & professional malpractice, personal injury, probate litigation, real estate, ski defense litigation, tax, utilities, bankruptcy and collections work, estate planning, and all aspects of corporate law, including finance and business formation and mergers and acquisitions.
