Small Business Alert: Beneficial Ownership Information Reporting Reinstated

Please note that the Corporate Transparency Act passed by Congress in 2021 requires many companies doing business in the United States to report information about the individuals who ultimately control or own them. Following the recent federal court action lifting an injunction on the Department of the Treasury, businesses must file by Friday, March 21 to be compliant.

To help with this process, the U.S. Chamber of Commerce has created an information website and one-page guide document that walks through the steps businesses must take to comply with the CTA. Click here to access our CTA website and click here to download the one-page guide document.

Beneficial ownership information reporting is NOT an annual requirement. A report is submitted once, unless the filer needs to update or correct information. The intended purpose of this law is to curb illicit finance and protect U.S. national security interests. Reports go to the Financial Crimes Enforcement Network within the U.S. Treasury Department.

If you have any questions about Beneficial Ownership Information Reporting, please contact Bruce Bohrer, IOM, Executive Vice President and General Counsel, in our office.