Corporate Transparency Act (CTA) Update
Corporate Transparency Act (“CTA”) took effect on January 1, 2024, and it requires most legally formed entities (Corporations, LLCs, etc.), including incorporated Associations, to file with the federal government what is known as a Beneficial Ownership Information Report (“BOI Report”). The filing deadline for Associations formed prior to 2024 is December 31, 2024, while the filing deadline for Associations formed in 2024 is 90 days from the date of formation. On an ongoing basis, if previously reported information changes, an entirely new report must be filed within 30 days of the change occurring.