The deadline is looming for thousands of business owners, farmers, LLCs, etc. who will
be facing steep fines and possible jail time for failing to file their businesses with the
federal government through the Corporate Transparency Act.
What is the Corporate Transparency Act?
The CTA was passed in 2021 to combat money laundering and organized crime
funding. The CTA requires that registered businesses register any “beneficial owner” of
the company with the U.S. Department of Treasury’s Financial Crimes Enforcement
Network. If a business files an incorporating document that is classified as an LLC or S-
corps partnership, the business revenue is passed to the owner level to be taxed, and
therefore requires the CTA filing.
Who needs to file and what should they file?
Any business that was created by filing a document with the secretary of state, such as
an LLC. Sole proprietorships typically are not going to be required to file. We
encourage everyone to talk to their own legal counsel or accountant to find out for your
individual business
What is the deadline?
If your business was created prior to January 1, 2024, you have until January 1, 2025 to
file this information.
Where can I go to file or get help to file?
If you have worked with an attorney to setup your business, that is probably a good
place to go to have some assistance with this filing. If you work with an accountant to
file your taxes each year, you might be able to reach out to them. There are lots of
resources to help explain if you go to the website fincen.gov.
This Information was gathered from Ohio Farm Bureau, for a more detailed
explanation or further information, go to Legal with Leah: Corporate
Transparency Act reporting requirements.