Corporate Transparency Act 2024 Exemptions. On january 1, 2024, the new beneficial ownership reporting requirements of the corporate transparency act will take effect in the united states. The rule describes a “beneficial owner” as any individual who, directly or indirectly, meets at least one of two criteria:

The new law is the corporate transparency act (cta), which congress enacted in 2020 as part of major legislation to combat money laundering and terrorist financing. On january 1, 2024, the corporate transparency act (the “cta”) became effective and imposes reporting obligations which impact millions of small businesses across the united.