Browsing: which has to be submitted to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) within a stated timeframe to prevents significant penalties being levied.

       The Corporate Transparency Act (CTA) took effect in 2024, requiring over 30 million businesses to either submit a beneficial ownership report to the U.S. Department of Treasury or claim an exemption. Unless they qualify for a specific exemption, January 1, 2025, is the final filing deadline for businesses formed before 2024.