What Is The Corporate Transparency Act?

The Corporate Transparency Act mandates that certain information about the owners of a business must be provided to the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN.) Significant penalties exist for non-compliance.

This anti-money laundering law targets small businesses with less than 20 employees and less than $5 million in annual revenue.

Note: After the original publication of this article, FinCEN amended its Final Rules (published on September 29, 2023) to provide 90 days for reporting companies created or registered in 2024 to file their initial reports, not 30 days as was included in the initial Final Rules.

For More Information

• Corporate Transparency Act Overview (FinCEN)
• FinCEN BOI Reference Materials

If you are a business owner, review these resources to stay up to date on your obligations.