Effective January 1, 2024, the Corporate Transparency Act (CTA) requires small businesses to disclose information about their Beneficial Owners to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).
Pryor Cashman’s Corporate and Private Client Groups have attorneys ready to help you and your business ensure compliance with the CTA. We can clarify whether your business is required to report and assist in identifying a Reporting Company’s Beneficial Owners, as well as answer questions about the CTA’s impact going forward.
Key Resources
In the new regime created under the Corporate Transparency Act, a Beneficial Owner includes any individual who directly or indirectly controls an entity or who owns or controls 25% or more of the equity of an entity. Every Reporting Company is required, as of January 1, 2024, to file a Beneficial Owner Information Report with FinCEN.
Our team has written helpful articles to assist individuals and businesses in better understanding their filing and reporting responsibilities under the CTA:
- New Beneficial Ownership Reporting Requirements for Small Businesses
- How the Corporate Transparency Act’s New Filing Obligations Will Impact Private Clients
FinCEN ID
A FinCEN ID is a unique identifying number that may be reported (instead of required information about an individual) on a Reporting Company’s Beneficial Ownership Information Report. The FinCEN ID application for individuals is available here.
FinCEN has also provided these additional resources:
