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The 2024 Corporate Transparency Act: Simplified

April 2025 Update

All entities created in the United States — including those previously known as “domestic reporting companies” — and their beneficial owners are now exempt from the requirement to report beneficial ownership information to FinCEN. Existing foreign companies that must report their beneficial ownership information have at least an additional 30 days from March 26, 2025—until April 25, 2025, for most companies—to do so. For more information, see the press release from FinCEN.

In 2021, the U.S. Congress enacted the Corporate Transparency Act (CTA) within the broader William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021. This legislative move brought forth significant alterations to the regulatory landscape pertaining to financial integrity and anti-money laundering measures.

Acronym Key

CTA: Corporate Transparency Act
BOI: Beneficial Ownership Information
FinCEN: Financial Crimes Enforcement Network