An important new federal law, the Corporate Transparency Act, requires certain entities to report beneficial owner information beginning January 1, 2024.

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The Corporate Transparency Act will require most privately held companies to report identifying information about their beneficial owners to the Financial Crimes Enforcement Network (“FinCEN”) of the United States Department of Treasury. Companies already in existence before January 1, 2024 will have until January 1, 2025 to report. Companies formed on or after January 1, 2024 and before January 1, 2025 will have 90 days after formation to report. There are significant potential civil and criminal penalties for non-compliance.

For more information, please see our article about the Corporate Transparency Act or visit FinCEN’s website here.

Stokes Lawrence, P.S. is working on providing further information to our existing clients. Please contact us if you have questions.