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West & Associates, P.C. | An Important Public Service Announcement to the Members of the Apartment Association of Metropolitan Pittsburgh | The Corporate Transparency Act Beneficial Ownership Information Reporting Requirement and its Impact on Multifamily.

Starting January 1, 2025, a significant number of businesses will be required to comply with the Corporate Transparency Act (“CTA”). The CTA was enacted into law as part of the National Defense Act for Fiscal Year 2021. The CTA requires the disclosure of the beneficial ownership information (otherwise known as “BOI”) of certain entities from people who own or control a company. While the CTA went into effect on January 1 of this year, enforcement commences January 1, 2025.

It is anticipated that 32.6 million businesses will be required to comply with this reporting requirement. The intent of the BOI reporting requirement is to help US law enforcement combat money laundering, the financing of terrorism and other illicit activity.

The CTA is not a part of the tax code. Instead, it is a part of the Bank Secrecy Act, a set of federal laws that require record-keeping and report filing on certain types of financial transactions. Under the CTA, BOI reports will not be filed with the IRS, but with the Financial Crimes Enforcement Network (FinCEN), another agency of the Department of Treasury.

Click the button below for further preliminary information for you to consider as you approach the implementation period for this new reporting requirement. This information is meant to be general only and should not be applied to your specific facts and circumstances without consultation with competent legal counsel and/or other retained professional adviser.