Don’t Ignore Beneficial Ownership Information (BOI) Reporting Requirements
The Corporate Transparency Act (“CTA”) was enacted by Congress on January 1, 2021, as part of the National Defense Authorization Act. The CTA includes significant reforms to anti-money laundering laws and is intended to help prevent and combat money laundering, terrorist financing, corruption, and tax fraud. The CTA establishes a beneficial ownership reporting requirement for corporations, limited liability companies, and other similar entities formed or registered to do business in the United States. THIS REPORTING REQUIREMENT IS FOR ALL FIRMS DOING BUSINESS IN THE USA, NOT JUST THOSE FIRMS THAT WANT TO BUSINESS WITH THE FEDERAL GOVERNMENT. Learn more about Beneficial Ownership Information requirements and how to remain compliant on https://www.fincen.gov/boi
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