As of January 1, 2024, many companies face new reporting requirements under the Corporate Transparency Act (CTA).
- Any Reporting Company (as defined in the CTA) formed on or after January 1, 2024 will have 30 days to submit its initial report.
- A Reporting Company in existence before January 1, 2024 will have until January 1, 2025 to submit its initial report.
Information to be reported includes the following:
For Reporting Companies:
- full legal name
- trade or “doing business as” name (if any)
- address of principal place of business
- jurisdiction of formation, and
- unique identification number such as a taxpayer identification number/employer identification number.
Reporting Companies must also report the following information on all their Beneficial Owners (as defined in the CTA):
- full legal name
- date of birth
- current residential street address
- unique identifier from an acceptable document (a current U.S. passport, state or local ID, driver’s license, or—if the Beneficial Owner does not have any of the foregoing—a foreign passport), and
- image of the identification document.
- All Company Applicants (as defined in the CTA) must disclose nearly all of the same information as the Beneficial Owners (replacing the residential address with a business address).
Details about these requirements, including definitions for the terms above, can be found here.
We understand the difficulty in sorting through these new requirements, let alone complying with them. If you have any questions about them, or how GableGotwals may be able to help you, please let us know.
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