Agency Releases Guidelines for New Filing Requirements for Small Business

On Friday, the Financial Crimes Enforcement Network (FinCEN) issued a notice to financial institution customers about reporting beneficial ownership information. The Corporate Transparency Act (CTA) requires many companies doing business in the United States to report information about who ultimately owns or controls them to FinCEN. For most companies, the deadline to report is January 1, 2025. Failure to report before the deadline could result in penalties.

These new requirements are separate from similar ones already imposed on certain financial institutions. The notice answers questions about the new requirements, highlights the differences between new and existing requirements, and contains resource links for assistance in filing.