The Corporate Transparency Act (CTA) was designed to disrupt money laundering and terrorist financing. It requires certain businesses to file Beneficial Ownership Information (BOI) reports with the Financial Crimes Enforcement Network (FinCEN) at Treasury. Existing firms must file BOI reports by December 31, 2024.
Firms with 20 or fewer employees and firms with less than $5 million in gross receipts must file BOI reports with FinCEN.
Depending on their structure, larger firms may also be required to file BOI reports. For example, some large firms have holding companies that do not house any employees, and that type of entity could fall under the CTA.
Please see the attached summary for more information on the CTA and compliance tips. An article on this topic written by Roger Guilian with Greyling is also attached.
ACEC is continuing to work with the Main Street Employers coalition to delay the implementation of the CTA until FinCEN communicates these requirements more effectively to affected businesses.
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