Corporate Transparency Act: Who Does What?

Starting on January 1, 2024, "Reporting Companies" (i.e., entities subject to the CTA) must file a “beneficial owner report” with FinCEN, which includes each Beneficial Owner’s full legal name, date of birth, and residential street address, an identifying number from a legal document such as a driver’s license or passport, and an image of that identification document.
In plain English, there are three main tasks.
1. Determine if your entity is a "Reporting Company" that must report its Beneficial Owners and Company Applicants.
2. Determine who the Beneficial Owners and Company Applicants of the Reporting Company are, then collect their information.
3. Report that information to FinCEN through their electronic portal.
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Strohmeyer Law is a law firm based in Houston, Texas, specializing in tax law, estate planning, and probate law.
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