Taylor Legal Blog

FinCEN Updates for the Corporate Transparency Act [VIDEO]

Posted by Katherine L. Taylor, Attorney and CPA, Chief Problem SolverNov 29, 20230 Comments

{2 minutes to read}   Are you a business owner wondering how to comply with the Corporate Transparency Act come January 1, 2024? If so, I'm going to provide you with a couple of updates recently issued by the Financial Crimes Enforcement Network (FinCEN), the government agency charged with enforcing the Corporate Transparency Act.

Back in September, I recorded a video explaining what the Corporate Transparency Act is and how it affects all small businesses in the United States.

In this blog, I outline the two updates that have recently been issued by FinCEN.

1. FinCEN created a Small Entity Compliance Guide that was issued on September 23rd. This is an approximately 10-page guide that goes into much greater detail, interpreting and explaining many of the provisions of the Act. 

If you own a small business, I highly recommend that you click on the link above and download the Compliance Guide. This Guide will hopefully provide you with a lot more information to answer questions, such as do you need to comply? And if so, how do you comply?

2. On September 29th, FinCEN announced a proposed rule that provides that rather than the 30-day period beginning January 1, 2024, for new entities to register and comply with the CTA, it is proposing to extend that 30-day period to 90 days. That means that any entity formed on or after January 1, 2024, will have 90 days rather than just 30 days to comply. 

The good news is that if an entity was formed prior to January 1, 2024, that entity has until January 1, 2025, to comply.

There is a lot of information here, so go to the FinCEN news link for updates on further issuances.