Corporate Transparency Act goes into effect on January 1, 2024, at which point every “reporting company” with “benificial ownership” will have to file a report with the Financial Crimes Enforcement Network (FinCEN).
Initial reports for exsisting companies should be filed by January 1st 2025. Reporting companies created or registered after January 1, 2024, will have 30 days after creation or registration to file their initial reports. Once the initial report has been filed, both existing and new reporting companies will have to file updates within 30 days of a change in their beneficial ownership information.
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