New federal filing requirement for 2024

On January 1, 2024 a new reporting requirement went into effect that requires millions of small businesses to file a Beneficial Ownership Information (BOI) Report with the U.S. Department of Treasury's Financial Crimes Enforcement Network (FinCEN), pursuant to the Corporate Transparency Act (CTA). 

You should be aware of the BOI reporting requirements and how they may apply to legal entities that you own, control, or operate. All reporting companies should prepare for their applicable CTA compliance date by familiarizing themselves with the CTA’s requirements (, and by developing internal processes for identifying their beneficial owners and, if applicable, company applicants, as well as for collecting and updating the reportable information.