Deadline Approaching for Corporate Transparency Act (“CTA”) Reporting

To Clients and Friends of Sacks Tierney:

Re: Deadline Approaching for Corporate Transparency Act (“CTA”) Reporting

The deadline for the Corporate Transparency Act (“CTA”) requirements and the required reporting is quickly approaching. The CTA went into effect on January 1, 2024, and requires beneficial owners of corporations, limited liability companies, limited partnerships, and other non-exempt entities to provide disclosures to the Financial Crimes Enforcement Network (FinCEN). Entities formed from and after January 1, 2024, must report their information within 90 days of formation.  For all non-exempt entities formed before January 1, 2024, compliance with the CTA will be required by January 1, 2025. Therefore, the deadline to complete the reporting is December 31, 2024.

Sacks Tierney is prepared to assist with the required reporting for existing and new entities, and we have implemented a fixed fee program for this reporting.  Please note that we will engage in any reporting to FinCEN only if we are specifically requested to do so and the required documentation is provided.  If you would like assistance for any business entities you own or control, plan to form, or that we have assisted with in the past, please feel free to reach out to the lawyer who usually helps you or to Mallory Rasmussen, our paralegal dedicated to managing this process at Sacks Tierney, or you may contact someone on our CTA team listed below. We will be happy to discuss how we can best assist you. We encourage you not to wait until the end of the year to contact us for the required reporting, as we anticipate a significant amount of reporting being made at that time.  

Sacks Tierney CTA Team:

Steven M. Goldstein – steven.goldstein@sackstierney.com

Michael W. Margrave – michael.margrave@sackstierney.com

Jeremy R.  Jarrett – jeremy.jarrett@sackstierney.com

Brian K. Fullmer – brian.fullmer@sackstierney.com

Mallory Rasmussen – mallory.rasmussen@sackstierney.com

More information on the CTA can be found here:

https://www.iaca.org/about-iaca/corporate-transparency-act/ or at the FinCEN website (https://www.fincen.gov/boi).