cicpacdev

Beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company. They will have to report the information to the Financial Crimes Enforcement Network (FinCEN).

The National Law Review recently released an article regarding the 2024 Corporate Transparency Act. The article highlights the following:

• The Corporate Transparency Act, will impose new significant reporting requirements for many U.S. companies starting in 2024
• Many companies will be required to report and regularly update beneficial ownership information they may not currently possess
• Companies will need to put in place policies and procedures and likely amend their governing documents to ensure compliance

More than 60 issues are covered, including licensing, liens, notice requirements, pay if paid, prompt pay, and prevailing wages. AGC members save 25%. 

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