Every morning, my anxious dog must take medicine to calm her nerves for the day. Like clockwork, as soon as I open the medicine bottle, she darts across the room, hides behind a chair, and turns her back as if to say, “if I can’t see you, then you can’t see me.” Every day, I try to show her the fallacy of her logic when I do in fact see her, turn her around, give her the pill, and we both move on with our morning knowing that tomorrow we will do the same dance. For estate planners, that pill will soon be the Corporate Transparency Act (CTA), and no matter how far we stick our heads in the sand or, like my dog, hide behind furniture, we need to be prepared when the CTA goes into effect on Jan. 1, 2024.

Starting on Jan. 1, 2024, many U.S. legal entities and foreign entities registered to do business in the United States will be required to report information about themselves, their beneficial owners, and their company applicants with the U.S. Treasury’s Financial Crimes and Enforcement Network (FinCEN). Reporting companies will need to file beneficial ownership information (BOI) reports using FinCEN’s beneficial ownership secure system, which has yet to go live on FinCEN’s website, to report the BOI of the beneficial owners of a reporting company.

Reporting Companies

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