Corporate Transparency Act 2024 Paperwork. In 2021, congress passed the corporate transparency act, which, for the first time, required small business entities such as llcs and corporations to report identifying information on their. The financial crimes enforcement network (fincen) released new guidance on beneficial owners, company applicants and reporting company exemptions under the.
A new federal law, the corporate transparency act (โctaโ), took effect on january 1, 2024, imposing a new filing requirement on many business entities with the goal of. The bipartisan corporate transparency act, enacted in 2021 to curb illicit finance, requires many companies doing business in the united states to report information about the.