Dates to remember...

In 2021, Congress passed a law called the Corporate Transparency Act with support from both political parties. This law is aimed at making it more difficult for dishonest individuals to hide or benefit from their unlawfully gained money through companies with unclear ownership structures. The law requires companies to report information about their beneficial ownership.

If a company was created or registered to do business before January 1, 2024, it has until January 1, 2025, to submit its first report on beneficial ownership information.

For companies created or registered between January 1, 2024, and January 1, 2025, they must file their initial report within 90 days of being notified of their creation or registration. This 90-day period starts either when the company receives actual notice that it is officially created or registered, or when a government office publicly announces its creation or registration, whichever comes first.

Companies created or registered on or after January 1, 2025, need to submit their initial beneficial ownership information reports to FinCEN within 30 days from either the actual notice of creation or registration or the public announcement of the same, whichever happens first.