Corporate Transparency Act (CTA) Webinar – Thursday, October 10, 2024

On Thursday, October 10, 2024, at 2:30 P.M., a webinar entitled "Small Businesses and the Corporate Transparency Act", was offered by the Small Business Legislative Council (SBLC) to the members of its participating associations and industry groups including ASA.

Attorneys from Barnes & Thornburg discussed the basics of the reporting requirements under the Corporate Transparency Act and, importantly for small businesses, thoroughly explained the three primary exceptions to the statute used by small businesses to exempt themselves from this burdensome reporting.

As background, on January 1, 2024, the Corporate Transparency Act (“CTA”) fully came into effect and imposes reporting obligations on all business entities that are within the scope of the definition of “reporting company” under the statute. Entities that do not fall within one of the CTA’s categories of exemptions will be required to file a beneficial ownership information report (“BOI report”) with the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”).  Most companies in the United States will be required to file an initial BOI Report by December 31, 2024.