The Corporate Transparency Act (CTA) and Its Impact on Georgia Businesses
The Corporate Transparency Act (CTA) was passed by the United States Congress to combat money laundering and terrorist financing. The CTA establishes a beneficial ownership information reporting requirement for corporations, limited liability companies, and other similar entities created or registered to do business in the United States. The beneficial ownership information reports must be filed with the Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Department of Treasury. Reporting companies that were formed or registered prior to January 1, 2024, must file an initial beneficial ownership information report by January 1, 2025. Reporting companies that were formed on or after January 1, 2024, must file a beneficial ownership information report within 90 calendar days of notice of formation. Reporting companies that were formed on or after January 1, 2025, must file a beneficial ownership information report within 30 calendar days of notice of formation. Beneficial ownership information reports are filed at https://www.fincen.gov/boi.
The requirement to report beneficial ownership and other information about the business directly to FinCEN applies to most businesses registered with the Georgia Secretary of State’s office (GA. Sec.). The failure to comply may result in significant civil and criminal penalties.
We encourage you to review the information found here:https://www.fincen.gov/boi.
Please contact our office or FinCEN if you have any questions or concerns:
FinCen Phone number: 1-800-767-2825 Website: https://www.fincen.gov/contact
Our Phone Number: 404-863-7620 or [email protected]