The Corporate Transparency Act (“CTA”) was enacted on January 1, 2021 to prevent and combat illicit corporate activities including money laundering, terrorist financing, and tax fraud. In addition to expanding existing anti-money laundering regulations, the CTA also created reporting requirements for certain domestic and foreign business entities via the Treasury Department’s Financial Crimes Enforcement Network’s (FinCEN) Beneficial Ownership Reporting Rules.
ALERT [Updated March 26, 2025]: All entities created in the United States — including those previously known as “domestic reporting companies” — and their beneficial owners are now exempt from the requirement to report beneficial ownership information (BOI) to FinCEN. Existing foreign companies that must report their beneficial ownership information have at least an additional 30 days from March 26, 2025—until April 25, 2025, for most companies—to do so. For more information, see press release and alert.