Skip to main content
01.01.2024 Legal News

Corporate Transparency Act (CTA) - Summary of Key Aspects

All reporting companies created or first registered to do business in the U.S., as applicable, before January 1, 2024 will have until January 1, 2025 to file their respective initial reports with FinCEN. FinCEN has amended the beneficial ownership information (BOI) reporting rule to extend the filing deadline for certain BOI reports. Under the Reporting Rule prior to this amendment, entities created or registered on or after the rule’s effective date of January 1, 2024, had to file initial BOI reports with FinCEN within 30 calendar days of notice of their creation or registration.

The amendment extends that filing deadline from 30 calendar days to 90 calendar days for entities created or registered on or after January 1, 2024, and before January 1, 2025, to give those entities additional time to understand the new reporting obligation and collect the necessary information to complete their filings. Entities created or registered on or after January 1, 2025, will continue to have 30 calendar days to file their BOI reports with FinCEN. This rule is effective January 1, 2024.