Many businesses identified as reporting companies — primarily LLCs, S corporations, and C corporations — will have additional reporting requirements starting in 2024 under the Corporate Transparency Act (CTA). This mandate from the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) is intended to help prevent and combat money laundering activities by requiring some businesses to report their Beneficial Ownership Information (BOI).

This BOI reporting requirement is expected to impact tens of millions of businesses in America and certainly a portion of our clients. Businesses that are forming or registering after Jan. 1, 2024, have a little more time following the extension to file their BOI report. We recommend the time be used to begin collecting the required information, as well as speak with your legal counsel on whether you qualify for an exemption.

Assisting with the Corporate Transparency Act (“CTA”), including beneficial ownership information (“BOI”) reporting, is not within the scope of our work. Information regarding the BOI reporting requirements can be found at Consider consulting with legal counsel if you have questions regarding the applicability of the CTA’s reporting requirements and issues surrounding the collection of relevant ownership information.