Before we know it, 2024 will be coming to a close. As we approach the end of the year, we want to remind you of an important upcoming deadline under the Corporate Transparency Act. Companies formed before January 1, 2024 must file their initial beneficial owner report no later than December 31, 2024.
As a reminder, the Corporate Transparency Act requires some businesses to submit information to the Financial Crimes Enforcement Network (FinCEN) about the beneficial owners of the business. For more information about who is required to file a report, who is considered a beneficial owner, and what information must be reported, please see our prior update on this topic, which can be found here or FinCEN’s FAQs, which can be found here.
If your company was formed before January 1, 2024, your initial report is due by December 31, 2024. If your company was formed between January 1, 2024 and December 31, 2024, your initial report is due within 90 calendar days of the date the entity is formed. Companies formed on or after January 1, 2025, will have 30 calendar days from their formation to file their reports.
If you have not already done so, we encourage you to determine whether your company is required to file a beneficial owner report. If you are required to file a report, we encourage you to begin collecting the information needed to make the submission.
