CTA | Corporate Transparency Act 

IOWA BUSINESS OWNERS: Please be aware of federal reporting requirements that took effect on January 1, 2024 that may require you to report your business entity's beneficial ownership information to the federal government. Learn more about these requirements and review informational materials by visiting the dedicated webpage maintained by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) at www.fincen.gov/boi.CTA

FIND OUT IF YOUR BUSINESS IS IMPACTED: A Small Entity Compliance Guide has been issued by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) to help small businesses understand the reporting requirements and determine if they are required to report their beneficial ownership information.

 Among other things, the guide:

  • Describes the provisions of the Beneficial Ownership Information Reporting Requirements rule in simple, easy-to-read language
  • Answers key questions
  • Provides interactive checklists, infographics, and other tools to assist businesses in complying with the reporting requirements.

Visit www.fincen.gov/boi to review the Guide as well as additional resources to help your small business understand this new requirement.

ABOUT THE CORPORATE TRANSPARENCY ACT AND BENEFICIAL OWNERSHIP INFORMATION: Beginning January 1, 2024, many business entities registered across the United States will need to be prepared to comply with new federal reporting requirements as part of the Corporate Transparency Act (CTA). Passed into law by Congress in 2021, the intentions of the CTA are to enhance financial transparency and combat money laundering, terrorist financing, corruption, and tax fraud. The CTA establishes beneficial ownership reporting requirements for certain corporations, limited liability companies, and other similar entities formed or registered to do business in the United States. Entities file beneficial ownership information with the U.S.  Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).

FOR MORE INFORMATION: The www.fincen.gov/boi webpage also contains guidance documents, answers to frequently asked questions, introductory videos, quick reference guides, and other resources to ensure that reporting companies and the business community have the tools they need to comply with the new reporting requirements.

If you have questions about the reporting requirements, you can contact FinCEN’s general Regulatory Helpline by visiting www.fincen.gov/contact.

As your next step: Go to FinCEN.gov/BOI to determine if your entity needs to report information about their beneficial owners—the persons who ultimately own or control the company—to Treasury’s Financial Crimes Enforcement Network (FinCEN). You can also subscribe to FinCEN Updates for future guidance.