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CTA Reporting Requirements

New Reporting Requirements for Small Businesses

Starting January 1, 2024, many companies will be required to report information to the U.S. government about who ultimately owns and controls them.

The Corporate Transparency Act (CTA) aims to strengthen anti-money laundering efforts by requiring entities that are formed or registered to do business in the United States to report their beneficial owners and company applicants. Entities that do not meet an exemption will have to file an initial report with FinCEN. Subsequent updated reports will also be required if the entity’s reporting individuals have a change to previously reported information.

Corporate Transparency Act Reporting Requirements – Recorded Webinar

Webinar aired on January 25, 2024.

Mark High, Member, Detroit office of Dickinson Wright PLLC and Alexis Lupo, Corporations Division Director; Michigan Department of Licensing & Regulatory Affairs (LARA) Corporations, Securities & Commercial Licensing Bureau will be presenting on the CTA reporting. It is important that Small to Mid-sized businesses learn about reporting this information to FinCEN.