MEMBER BLOG POST

Have You Heard About the Corporate Transparency Act? The Filing Deadline Is January 1, 2025.

This blog post was provided by member Keith C. Leatherwood Jr., Business Development Advisor at Hummingbird Communications, LLC.

It is critical that businesses understand and adhere to legal and regulatory compliance requirements to maintain your license to operate and reputation. The Corporate Transparency Act (CTA) is just one example of a law that you may not be aware of.



Understanding the Corporate Transparency Act and Beneficial Ownership Information Reports

In an increasingly globalized economy, the need for transparency in corporate ownership has never been more crucial. The Corporate Transparency Act (CTA), enacted as part of the National Defense Authorization Act in January 2021, aims to combat money laundering, terrorist financing, and other illicit activities by enhancing the transparency of business ownership in the United States. This article will delve into the key requirements of the CTA and the process of filing a Beneficial Ownership Information (BOI) report.

Key Requirements of the Corporate Transparency Act

The CTA mandates that certain entities disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). Beneficial owners are individuals who, directly or indirectly, own or control at least 25% of a company or have significant influence over its operations.

Who Must File?

The CTA applies to a wide range of entities, including:

• Corporations
• Limited Liability Companies (LLCs)
• Other similar entities formed under state or tribal law.

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Last week's C-Suite Roundtable, generously hosted by Greenberg Traurig, provided incredible insights for NVC members! Noelle Isler, Inclusion & Diversity Policy and Public Affairs Leader at Accenture North America, led a compelling discussion on how Virtual Reality technology (VR) is being used to reduce bias in decision-making, with a focus on its current applications and potential to transform industries. Her presentation and live demonstration offered an exciting glimpse into how VR can unlock opportunities for businesses within our community. We also extend our thanks to Acentra Health for sponsoring our Q3 Roundtable events. Learn more about our C-Suite Roundtables here.