New Corporate Transparency Act Reporting Deadline Looms for Most Businesses.

November 27, 2024

The Corporate Transparency Act (“CTA”) is a federal law that became effective earlier this year. It requires many companies created or registered prior to January 1, 2024 to file a beneficial ownership information form by January 1, 2025. The purpose of the CTA is to create a national database of businesses in the U.S. and the people behind them (both owners and those in control) as part of an increasing effort to combat money-laundering, terrorism, tax evasion, and other financial crimes. MMTA’s accountant, Andy Garrett of Weil, Akman, Baylin & Coleman, has put together this document at https://www.mdtrucking.org/files/CTASummaryWABC.pdf to assist our members.

Companies formed prior to 2024 need to act now and determine whether they are subject to the reporting deadline or fall within one of the 23 exemptions to the requirements. More information is available at https://www.fincen.gov/boi.