Corporate Transparency Act
Faegre Drinker is here to guide you
Beginning January 1, 2024, reporting obligations under the Corporate Transparency Act (CTA) go into effect. Absent an applicable exemption, domestic companies formed under U.S. law or foreign companies first registered to do business in the U.S. on or after January 1, 2024, must file with the Department of Treasury's Financial Crimes Enforcement Network (FinCEN) certain beneficial owner information, entity information and “company applicant" information within 90 days of formation or registration. Additionally, companies existing, or foreign companies that are registered in the U.S., prior to January 1, 2024, and not otherwise exempt, must file with FinCEN certain beneficial owner information and entity information by January 1, 2025. Moreover, reporting companies have an ongoing obligation to report updated or corrected information to FinCEN.
Faegre Drinker’s corporate transparency act task force is here to guide you. We can assist your company in fully understanding the CTA’s requirements to ensure compliance; conduct assessments of your current practices to identify potential risks related to required disclosures; represent clients in the event of regulatory inquiries or enforcement actions; and provide continued educational support and guidance as the CTA continues to evolve.