Corporate Transparency Act: What is it and what do you need to do?

Did you know there’s a new federal law that went into effect this year that you need to file paperwork for? 

In a nutshell, the Corporate Transparency Act is a simple designation to certify who owns your company. This act applies to corporations, limited liability companies, and other similar entities that are formed or registered to do business in the US, and is intended to prevent money laundering, terrorist financing, and other illegal activities. 

For companies that were created prior to January 1, 2024, the deadline to file is January 1, 2025. While that’s the majority of YBO companies, should you know anyone who started a new business this year or plans to start one in the new year, the deadline to file is 90 days from inception. 

For more information on the Corporate Transparency Act as well as the steps to file, please go directly to www.fincen.gov/boi.