Your Business’s Beneficial Ownership Information Report Due January 1, 2025
For most small businesses, the deadline to file the Beneficial Ownership Information Report with the Department of the Treasury is January 1, 2025, in order to comply with the Corporate Transparency Act (CTA). The CTA exists to reduce, or even extinguish, illicit financial activity. The Act went into effect on January 1, 2024, but only companies created or registered to do business in the US before January 1, 2024, have until January 1, 2025, to file initial reports. Companies created or registered in 2024, however, have 90 days to file once the registration takes effect. Anyone refusing to report may