Corporate
Transparency Act

If you are registered with the Oregon Secretary of State, you probably got an email about the Corporate Transparency Act (CTA). The CTA was enacted by Congress on January 1, 2021, as part of the National Defense Authorization Act. The beneficial ownership (BOI) reports must be filed with the US Treasury’s Financial Crimes Enforcement Network (FinCEN). 

*Businesses formed before January 1, 2024 have until December 31, 2025 to file.

*Businesses formed on or after January 1, 2024, and before January 1, 2025, will have 90 calendar days to file its initial BOI report.

The Oregon Secretary of State website has FAQs around who has to report, who doesn't, when to report, etc. 

Our colleague, Kelli Loo, CPA, made 2 incredible blog posts about CTA:

1. Explains the ins and outs of the report (who has to file, when to file, etc.) - 

*Beneficial Owner Information Reporting - It’s Required, But It’s Not so Bad

2. Step by step on how to file - *BOIR: Easy Steps to File for the Simple Business Owner

When it’s time to file, you can do that HERE

Remember: If you ever have a change of address, ownership change, etc. you will need to update your filing.