What is the Corporate Transparency Act?

The Corporate Transparency Act is a federal law recently passed by Congress. Under the new law, many businesses must submit a Beneficial Ownership Information (BOI) Report to the US Department of Treasury's Financial Crimes Enforcement Network (FinCEN), providing details identifying individuals who are beneficial owners - the individuals who ultimately own or control the business. Filing is easy and free of charge. BOI Reports are not an annual requirement; unless a company needs to update or correct information, a report must only be submitted once.