Legal Resources
Preparing for Compliance: Corporate Transparency Act's 2025 Reporting Requirements
Earlier this year, the Corporate Transparency Act took effect and created a host of new obligations for entities created in 2024. On January 1, 2025, those same reporting obligations are coming to all other covered entities. By January 1, 2025, most entities will have to file reports with FinCEN, a bureau of the United States Treasury Department, detailing the beneficial owners of that entity. Beneficial owners are individuals with substantial control of the entity, and include individual owners of 25% or more of the entity’s equity and senior officers. Businesses should determine (i) whether their entities are considered reporting companies under the CTA; and, (ii) if so, those entities’ beneficial owners.
For more detail see our recent update here and reach out to members of our Business Team, including Michael Edwards, Dan Goodrich, and Mustafa Hassoun.