A final rule implementing the beneficial ownership information reporting requirements of the Corporate Transparency Act (CTA) was issued in September 2022. These regulations go into effect on January 1, 2024. Beneficial ownership information will not be accepted prior to January 1, 2024.
The Corporate Transparency Act (CTA) establishes uniform beneficial ownership information reporting requirements for certain types of corporations, limited liability companies, and other similar entities created in or registered to do business in the United States. The CTA authorizes FinCEN to collect that information and disclose it to authorized government authorities and financial institutions, subject to effective safeguards and controls. The CTA and its implementing regulations will provide essential information to law enforcement, national security agencies, and others to help prevent criminals, terrorists, proliferators, and corrupt oligarchs from hiding illicit money or other property in the United States. The CTA is part of the Anti-Money Laundering Act of 2020 (AML Act). More information on the AML Act can be found on the AML Act page.
Beneficial Ownership Information Reporting Requirements
Final Rule (September 30, 2022)
Final Rule News Release (September 29, 2022)
Final Rule Fact Sheet (September 29, 2022)
Beneficial Ownership Information Access and Safeguards
Notice of Proposed Rulemaking (NPRM) (December 15, 2022)
NPRM News Release (December 15, 2022)
NPRM Fact Sheet (December 15, 2022)
Beneficial Ownership Information Collections
Proposed Collection for Beneficial Ownership Information Reports (January 17, 2023)
Proposed Collection for Individual FinCEN Identifiers (January 17, 2023)
End of FinCEN Publication
Zaher Fallahi, Tax Controversy Defense Attorney, Tax CPA, assists taxpayers nationwide with their tax preparation, cryptocurrency tax, foreign gifts, undisclosed foreign bank accounts, and other international tax matters. Tel.: (310) 719-1040, (714) 546-4272 and (877) 687-7558 toll free nationwide. Websites: zflegal.com and zfcpa.com E-mail taxattorney@zfcpa.com