The Corporate Transparency Act: What it is, Who It Affects

Corporate Transparency Act

The Corporate Transparency Act (CTA) is a new government act that affects most businesses in the US. The purpose of the CTA is to curb illicit finance, and it requires business entities such as LLCs and corporations to file a beneficial ownership information (BOI) report with the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).

Most companies have until January 1, 2025 to file this. If your company was created in 2024, you must file the BOI within 90 calendar days after the creation was effective. Failing to file a report can result in fines or criminal charges, so don’t put this off.

Learn more and file your BOI here. Reach out to Sentinel Finance Group if you have any questions or need help with filing.

Sentinel Finance Group is an outsourced CFO firm in Kansas City and provides fractional CFO services and controller services to local businesses.


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