Beginning in 2024, the Corporate Transparency Act (“CTA”) mandates certain entities (primarily corporations and limited liability companies (“LLCs”) created in or registered to do business in the United States, report information about their beneficial owners—the individuals who ultimately own or control at least 25% of a company—to the Financial Crimes Enforcement Network (“FinCEN”).
AHP is sending you this communication to provide you with some general information regarding the new reporting rules as well as initial steps you should take to address the implications of the CTA to your organization.
As the CTA is not a part of the tax code, the assessment and application of many of the requirements set forth in the regulations, including but not limited to the determination of beneficial ownership interest, necessitate the need for legal guidance and direction. As such, since we at AHP are not attorneys, AHP is not able to provide you with any legal determination as to whether an exemption applies to the nature of your entity or whether legal relationships constitute beneficial ownership.
We strongly encourage you to reach out as soon as possible to legal counsel with expertise in this area to assist your organization with the steps you need to take to ensure compliance with the CTA, if applicable.
For additional information regarding the beneficial ownership reporting requirements under the CTA, refer to FinCEN’s Frequently Asked Questions document here.
