Corporate Transparency Act 2024 Requirements For Corporations. The new regulations require many corporations, limited liability companies, and other entities created in or registered to do business in the united states to report information about their beneficial owners—the persons who ultimately own or. The corporate transparency act, which went into effect january 1, 2024, requires “reporting companies” in the united states to disclose information regarding its beneficial owners, i.e., the individuals who ultimately own or control a company, to the treasury department’s financial crimes enforcement network.

Under the cta, every “reporting company” must file a beneficial ownership information (boi) report with the u.s. The bipartisan corporate transparency act, enacted in 2021 to curb illicit finance, requires many companies doing business in the united states to report information about the individuals who ultimately own or control them.