Deadline for Corporate Transparency Act Compliance - December 31, 2024
The deadline for filing a beneficial ownership information report under the Corporate Transparency Act (CTA) with the U.S. Financial Crimes Enforcement Network for all business entities formed prior to this year is December 31, 2024. This filing is required for all non-exempt “reporting companies” as defined under the CTA.
If you are the representative of one or more entities formed before January 1, 2024, this notice is to ensure you are aware of your potential filing obligations under the CTA. The law took effect on January 1, 2024, and unless an exemption applies, your company will be classified as a reporting company, requiring you to submit a beneficial ownership information report.
We encourage you to consider how this requirement may affect your business interests, including any entities you own or control, such as corporations, limited liability companies, limited partnerships, certain trusts, and other similar entities. Most existing business entities will need to file unless they are exempt.
If you would like to discuss how the CTA may affect your business, and whether you are required to file a report of beneficial ownership under the CTA or how to do so, please reach out to the Carlton Fields attorney who normally handles your matters.
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