Corporate Transparency Act Update

Source: PilieroMazza

The Corporate Transparency Act (CTA), which came into effect on January 1, 2024, has significant implications for government contractors, tribal entities, and commercial businesses.

If you formed an entity before January 1, 2024, and are not subject to one of the exemptions, you must file your initial Beneficial Ownership Information Report (BOIR) no later than January 1, 2025. If you formed an entity on or after January 1, 2024, and are not subject to one of the exemptions, you must file your initial BOIR within ninety (90) days from the effective date of creation or registration of the entity. If you form an entity on or after January 1, 2025, and are not subject to one of the exemptions, you must file your initial BOIR within thirty (30) days from the effective date of creation or registration of the entity.

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