The Corporate Transparency Act – An Overview of FinCEN’s Beneficial Ownership Reporting Requirements and Approaching Compliance Deadline
UPDATE: The Financial Crimes Enforcement Network (FinCEN) issued a final rule on November 29, 2023 formally extending the timing for compliance reporting from 30 days to 90 days following formation for entities formed in 2024, to allow new entities to adjust to the filing requirements. The original rule stated that the deadline would be 30 days following formation. In 2025, it will revert to the original timing for all newly formed entities.
The Morrison Cohen Investment Funds & Advisers and Corporate teams are available to answer any questions regarding the CTA and provide counsel for entities to help make determinations regarding exemptions and beneficial owners.
For more details regarding this legislation, see our updated Client Alert below.
Contacts
- Brian R. Forman Partner & Chair, Investment Funds and Advisers
- bforman@morrisoncohen.com
- David P. LaGalia Partner & Co-Chair, Corporate; Co-Chair, Family Office Group
- dlagalia@morrisoncohen.com
- Randi Mason Partner & Co-Chair, Corporate
- rmason@morrisoncohen.com
- Tracy Sigal Counsel
- tsigal@morrisoncohen.com
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