This is a reminder that the due date for Corporate Transparency Act (CTA) filings is approaching. For most companies formed or registered before January 1, 2024, the deadline to file is January 1, 2025. However, certain companies affected by recent hurricanes may qualify for a six-month extension, provided they meet specific criteria set by the Financial Crimes Enforcement Network (FinCEN). Companies formed or registered during 2024 have 90 days from formation or registration to file.
Please note that reporting companies, once they have made their initial filings, are required to report changes to their beneficial ownership within 30 days from the respective change.
The CTA requires both domestic and foreign companies formed or registered to do business in the United States to report information about their beneficial owners and, if applicable, company applicants, to FinCEN, unless they qualify for one of the 23 exemptions.
Compliance with these reporting requirements is critical to avoid potential penalties.
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