The Corporate Transparency Act (CTA) requires many U.S. companies to report their beneficial ownership information to FinCEN. Understanding the key deadlines for reporting is crucial to staying compliant and avoiding penalties. Here’s a quick guide:

Key Deadlines:

• Existing Companies: If your business was formed before January 1, 2024, you must submit your beneficial ownership information by January 1, 2025.
• New Companies: For businesses formed on or after January 1, 2024, you must file your beneficial ownership report within 90 days of formation.
• New Companies: For businesses formed on or after January 1, 2025, you must file your beneficial ownership report within 30 days of formation.

Update Requirements:

If there are changes in beneficial ownership, companies must update their reports within 30 days of the change.

Missing these deadlines can result in significant fines, so it’s important to stay ahead of your reporting obligations. For more details, visit FinCEN.