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New rules require beneficial ownership reporting to FinCEN
In 2024, the Corporate Transparency Act (CTA) took effect, requiring over 30 million businesses to either submit a beneficial ownership report to the U.S. Department of Treasury or claim an exemption. The final filing deadline for businesses formed before 2024 is January 1, 2025, unless they qualify for a specific exemption.
As this deadline approaches, it is crucial to determine if your company is subject to these reporting requirements and, if so, to understand the necessary disclosures. These include beneficial ownership details, information about the entity’s creator or registrant in the U.S., and any updates to this data, which must be submitted to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) within a specified timeframe to avoid severe penalties.
The Corporate Transparency Act mandates that many companies operating in the United States report information to FinCEN about who ultimately owns or controls them. Join a virtual information session on beneficial ownership reporting requirements and how to comply with the law.
Participate in this session to gain insights into the CTA, including who must file a report, what information is required, and other considerations for long-term care owners and operators.
Area Covered in this Session:
This session is designed to provide businesses with the knowledge they need to navigate the new regulations, ensure compliance, and avoid potential penalties.
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