In 2021, Congress passed the Corporate Transparency Act. This law created a new reporting requirement for businesses to report Beneficial Ownership Information to the Financial Crimes Enforcement Network (FinCEN). The law is aimed at individuals who conceal or benefit from their ill-gotten gains through shell companies or other opaque ownership structures1. Effective January 1, 2024, many US companies in the United States will have to report information about the Beneficial Owners to the Financial Crimes Network (FinCEN), a bureau of the US Department of Treasury.

Quality Auditing Solutions, LLC would refer it’s clients to https://www.fincen.gov/ for more information about the law and reporting requirements.
Businesses that needs further assistance beyond https://www.fincen.gov/ should contact their legal counsel to determine if they are required to report and for guidance on how to comply with the reporting requirements.

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