The Department of Treasury has released guidance on the newly enacted Beneficial Owner Reporting Requirements that are part of the Corporate Transparency Act of 2021.
Beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company. They must report the information to the Financial Crimes Enforcement Network (FinCEN). FinCEN is a bureau of the U.S. Department of the Treasury. The law is intended to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.
Take a moment to review the pamphlet on Beneficial Ownership Information Reporting.
