Our Practices

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Effective January 1, 2024, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) requires certain private companies to report information regarding their beneficial owners and individuals (BOI) who have substantial control of the company. The new law, the Corporate Transparency Act (CTA), is aimed at combating money laundering, tax evasion and other illicit activities, including the use of shell companies, by implementing mandatory reporting requirements.  All private companies will now need to assess whether they are required to report under the CTA or are subject to an applicable exemption.  Our attorneys are prepared to help clients navigate CTA, including in determining whether an entity is required to report, and if so, assisting in completing the reporting and filing requirements. Because CTA can be nuanced and an administrative burden, we have established a dedicated Committee and Task Force to help clients navigate any questions that arise. The Committee and Task Force can be reached at CTACompliance@ColeSchotz.com.

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