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Corporate Transparency Act

Key Contacts

Ken Witt, Scottsdale
Lisa Sarver, Omaha
Rick Lieberman, Scottsdale
Gil Rosenthal, Denver

The Corporate Transparency Act (“CTA”) became effective on January 1, 2024.

This federal legislation will require many existing and newly created companies to report extensive information about their “beneficial owners” and “company applicants” to the Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”). Compliance with the CTA is the responsibility of reporting companies that are subject to the CTA. Reporting companies that fail to comply with the CTA are subject to substantial civil and criminal penalties. All reporting companies should be taking steps to comply with the reporting requirements by the applicable deadline.

Kutak Rock is here to help clients navigate the CTA compliance process. If you have any questions about how the CTA will affect your business, please contact your Kutak Rock attorney or a key contact on the CTA Client Service Team at the top of this page.

See below for CTA related news, publications and events which will be updated in real time.

CYA for the CTA Webinar
March 5, 2024 11:00 am to 12 pm CST
Speakers: Mike AlvanoEd GonzalesCaitlin GustafsonGil RosenthalLisa SarverKen Witt
Moderator: Jeff Makovicka
Established to assist with the government’s fight against fraud, drug trafficking, tax evasion, organized crime and other illicit activities, the Corporate Transparency Act (“CTA”) imposes significant new obligations on newly formed and existing entities. This one-hour webinar will provide an overview of the CTA, including a description of which entities are required to file beneficial ownership information (“BOI”) reports, who constitutes a company applicant, or beneficial owner whose information must be included in a BOI report, what information is required to be disclosed in a BOI report, when entities are required to file their BOI reports, and the consequences of failing to file a BOI report. Additionally, this program will highlight certain critical areas in which entities and those who advise them should take care not to run afoul of the CTA’s requirements. Click here for the full agenda and webinar information.

Register

FinCEN's Access and Banks
January 19, 2024
Services: Banking Authors: Bryan Handlos, Jeffrey Makovicka, and Austin Graves
A comprehensive breakdown and analysis of FinCEN's final rule (the "Access Rule") establishing standards for banks to access beneficial ownership information (BOI) reported to FinCEN including who has access to BOI, Banks' access to BOI, the timeline for access, re-disclosure of BOI, data security and consent, violations and penalties, and considerations for banks seeking BOI from FinCEN.

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CTA Beneficial Ownership Information (BOI) Reporting is Live
January 10, 2024
Services: Business, Corporate and Securities Authors: Ken Witt and Colson Franse
A reminder to clients that BOI reporting is now being accepted by FinCEN and deadlines to be compliant are nearing for each type of business that meets “reporting company” eligibility.

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The Corporate Transparency Act
December 27, 2023
Services: Corporate FinanceBusiness, Corporate and Securities
Following the Corporate Transparency Act taking effect on January 1, 2024, know which eligible clients are considered reporting companies, what information they are obligated to report to FinCEN, the reporting process, and reporting deadlines to avoid civil and criminal penalties.

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Corporate Transparency Act: Private Investment Funds
December 20, 2023
Services: Business, Corporate and Securities Authors: Ken Witt and Austin Graves
A guide to FinCEN reporting obligations for private investments funds, their sponsors, general partners, investment managers and investors within a reporting company. Learn about exemptions for Private Fund and Fund Managers, along with FinCEN identifiers.

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Corporate Transparency Act Alert: FinCEN Extends Reporting Deadline
December 6, 2023
Services: Business, Corporate and Securities Author: Ken Witt
Detailing the FinCEN amendment to the BOI reporting rule to extend the BOI filing deadline from 30 to 90 days for companies formed in 2024.

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Corporate Transparency Act Update: More Time to File Initial Reports and FinCEN Publishes Reporting Guidance
October 2, 2023
Services: Business, Corporate and Securities Author: Ken Witt
Summarizing FinCEN’s official guide to assist small entities with CTA’s BOI reporting compliance, their proposed extension of the deadline for initials reports by reporting companies that will be formed in 2024, and their notice and request for comment detailing the application by which individuals can obtain a FinCEN Identifier.

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Corporate Transparency Act (“CTA”) Check-In: What’s the Latest?
August 2023
Services: Business, Corporate and Securities Author: Ken Witt
An August 2023 update that defines what a reporting company is and how they will be newly required to classify themselves and their beneficial owner and file an initial report to FinCEN after January 1, 2024. Learn what criteria allows for companies to be exempt from reporting and the different deadlines that apply to existing companies as well as companies formed after January 1, 2024.

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Corporate Transparency Act (“CTA”) Update: The CTA’s Reporting Requirements Rule is Here
November 2022
Services: Business, Corporate and Securities
An explanation of FinCEN’s final rule implementing the CTA’s beneficial ownership information (BOI) reporting requirements, detailing who must file a BOI report, what information must be disclosed, and when reporting companies must file their initial BOI reports with FinCEN.

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Corporate Transparency Act Essentials: Everything You Need to Know Regarding the Forthcoming Regulations
August 15, 2022
Services: Business, Corporate and Securities
A detailed breakdown of regulations including who must comply with the CTA’s reporting requirements, what information must be reported to FinCEN, who may access the information that is collected, deadlines for reporting information to FinCEN, and penalties for non-compliance with the CTA’s reporting requirements.

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Corporate Transparency Act: New Reporting Requirements for “Shell” Companies and Small Businesses
January 6, 2021
Services: Business, Corporate and Securities Authors: Mitch Woolery and Andrew Elsberry
An introduction to the newly enacted Corporate Transparency Act, its purpose, businesses considered reporting companies, consequences of noncompliance and projected impact of the Act.

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