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A New Era of Beneficial Reporting for Companies in the United States

The Corporate Transparency Act

  • Overview
  • Insights
  • Meet the Team

The Corporate Transparency Act (“CTA”) became effective on January 1, 2024. The landmark law represents a major change in the way many businesses and organizations (both U.S. and non-U.S.) need to report to the federal government on their structure and beneficial owners. Specifically, the CTA creates a national company beneficial ownership registry accessible only by law enforcement, government agencies and other officials, and requires reporting companies to provide certain identifying information of its beneficial owners and company applicants to the Financial Crimes Enforcement Network. Notably, the CTA’s provisions apply to both newly formed companies and, after a phase-in period, those already established. 

Reporting companies created or registered on or after January 1, 2024 and before January 1, 2025 have 90 days to file their initial Beneficial Ownership Information (“BOI”) report, and reporting companies created or registered on or after January 1, 2025 have 30 days to file their initial BOI report. Reporting companies in existence prior to January 1, 2024 have until January 1, 2025 to file their initial BOI report. Given the stiff penalties involved with non-compliance, it is critical for affected companies and organizations to prioritize adequate preparation. The resources presented here provide overviews of the CTA’s requirements, best practices for compliance, and updates on the law’s implementation.

Client Alert | March 4, 2025

Treasury Department and FinCEN Announce Drastic Limits on Enforcement of Corporate Transparency Act

On March 2, 2025, the Treasury Department announced that it will not enforce penalties for BOI reporting violations under the Corporate Transparency Act—both before and after upcoming rule changes take effect. While this reduces regulatory pressure on U.S. businesses, non-U.S. companies may still face enforcement. Learn more about FinCEN’s and the US Treasury Department's evolving BOI reporting requirements.

Insights
  • Client Alert
  • March 24, 2025
Corporate Transparency Act: U.S. Treasury Issues Interim Final Rule and New Dea...
On March 21, 2025, FinCEN issued an Interim Rule that significantly narrows the scope of the Corporate Transparency Act. Under the new rule, domestic entities and U.S. persons are no longer required to file beneficial ownership reports, and enforcement against them has been suspended. Only certain f...
  • Client Alert
  • March 4, 2025
Treasury Department and FinCEN Announce Drastic Limits on Enforcement of Corpora...
Tax & Wealth Service Report Blog
On March 2, 2025, the Treasury Department announced that it will not enforce penalties for BOI reporting violations under the Corporate Transparency Act—both before and after upcoming rule changes take effect. While this reduces regulatory pressure on U.S. businesses, non-U.S. companies may st...
  • Client Alert
  • February 20, 2025
Corporate Transparency Act is Back in Effect – Only 30 Day Extension!
Tax & Wealth Service Report Blog
Following a federal court ruling, the Corporate Transparency Act has been reinstated and FinCEN has announced it has extended the deadline for most reporting companies to file the beneficial ownership information (BOI) report until March 21, 2025. For reporting companies that have not yet filed a BO...
  • Client Alert
  • January 24, 2025
Corporate Transparency Act: “Stay” Put
The U.S. Supreme Court has granted the U.S. government’s motion to stay a nationwide injunction prohibiting enforcement of the Corporate Transparency Act (“CTA”). Because a separate nationwide injunction order issued by a different U.S. federal court is still in place, the Financia...
  • Client Alert
  • December 5, 2024
CTA: Gone Away?
Tax & Wealth Service Report Blog
A federal court has issued a nationwide injunction temporarily suspending enforcement of the Corporate Transparency Act (CTA) reporting requirements. While this pause relieves immediate filing obligations, companies should continue preparing in case the injunction is lifted and coordinate with their...
  • Speaking Engagement
  • April 23, 2024
Corporate Transparency Act
Estate Planning Council of Greater Miami
Jennifer J. Wioncek speaks on the Corporate Transparency Act panel at the Estate Planning Council of Greater Miami's 2024 Workshop and Dinner.
Meet the Team
Jennifer J. Wioncek
Practice Group Leader, Tax & Private Wealth, Tax, Private Wealth Services
David M. Seifer
Practice Group Leader, Corporate & Finance, Corporate
Martin A. Schwartz
Partner, Real Estate