The January 1, 2024 effective date of the Corporate Transparency Act (CTA) is fast approaching.
The Financial Crimes Enforcement Network (FinCEN) issued a final rule today extending the reporting deadline for companies created or registered in 2024 to file their initial reports.
Reporting companies created or registered in 2024 will have 90 calendar days from the date of receiving actual or public notice of their creation or registration becoming effective to file their initial reports.
According to FinCEN, this extension will provide reporting companies additional time to understand the CTA reporting requirements, gather the required information, and resolve questions.
The extension, however, only applies to entities created during the 2024 calendar year; reporting companies created or first registered on or after January 1, 2025, will have 30 calendar days to file their initial reports with FinCEN.
Additional resource support available
For more information regarding the Corporate Transparency Act, please reference CSC’s CTA resource page.