U.S. Corporate Transparency Act Imposes Strict Reporting Requirements

May 24, 2024

by Seth Maiman
AGSC Director of Public Affairs

The U.S. Corporate Transparency Act, a law passed by Congress in 2021, went into effect on January 1, 2024. It requires companies to file a Business Ownership Information (BOI) report to the U.S Financial Crimes Enforcement Network, or FinCEN, about who owns or controls their company, and companies have until January 1, 2025, to do so. The law’s reporting requirements seek to prevent illegal activities by anonymously owned entities. It is a Federal law and must be followed in addition to any state filings.

Businesses established during 2024 have a shorter time period to file, and businesses that do file have a shortened time frame to report any changes, including name and address changes, regarding the person who controls the company.

U.S. companies required to file the BOI include corporations, LLCs and other entities, created by filing with a secretary of state or a comparable office and foreign companies registered to conduct business in the U.S.

Auto glass services shops unsure of their obligations and the requirements under the Corporate Transparency Act are advised to consult with accounting and or legal professionals for guidance.

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