Congress included the Corporate Transparency Act (CTA) in the National Defense Authorization Act for FY 2021. The legislation requires filing of information on beneficial owners of new (and eventually, of existing) US entities and foreign entities which apply for permission to do business in the US. These requirements will be effective on promulgation of regulations by the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN). This agency is required to promulgate the regulations within one year from the 1/1/2021 date the legislation (P.L. 116-283) became law.
Due Dates For Reports
Existing companies will have to report beneficial ownership information