In January 2021, the Corporate Transparency Act (CTA) was passed into law as a part of the larger Defense Authorization Act for Fiscal Year 2021. The CTA requires certain domestic and foreign held business entities to report information to the Department of Treasury about the company and its individual owners and managers. The required reporting focuses on personal information about company owners and key management personnel. BOI is intended to assist the Financial Crimes Enforcement Network (FinCEN) division of Treasury to identify shell companies used for potentially criminal activities. On September 30, 2022, Treasury released its final regulation and guidance for BOI reporting. The Regulation is effective as of January 1, 2024.
Join Brooks Nelson and Sarah McGregor as they invite Michael Cornett to this episode of the Tax Beat podcast to answer the questions:
- What is new in the final regulation?
- What should companies do now?
Related Insights:
- Final Regulations Issued for Beneficial Ownership Information Reporting
- New Beneficial Owner Reporting Requirements Aim to Limit Illicit Activities
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