Corporate Transparency Act Imposes Significant New FinCEN Reporting and Disclosure Requirements
On January 1, 2024, the Beneficial Ownership Information (“BOI”) reporting requirements under the federal Corporate Transparency Act (“CTA”) are scheduled to go into effect. The new rules represent a fundamental shift in the U.S. disclosure regime for privately held companies. The CTA A part of Congress’s historic bipartisan National Defense Authorization Act of 2021, the…